What term describes the common areas such as stairwells and roofs that are owned collectively?

The term "Common Elements" refers to areas within a property that are shared and owned collectively by all owners in a condominium or cooperative. These areas typically include features such as stairwells, hallways, roofs, and recreational facilities. Each owner has a specific share of these common elements, which gives them rights to use and access these spaces alongside their personal units.

This concept is significant in property management and governance, as it establishes the framework within which maintenance, repairs, and responsibilities for these shared spaces are managed. This understanding is essential for anyone involved in real estate transactions, property associations, or residential living arrangements within communal buildings.

Other options like "Public property" would typically refer to land owned by the government and accessible to the general public, which does not apply to the context of shared residential spaces. "Exclusive Rights" suggests individual ownership or privileges pertaining solely to a specific unit or owner, contrasting the communal nature of the common elements. "Private Property" indicates ownership by an individual or entity that is not shared, which again does not describe the collective ownership inherent in the concept of common elements.