Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Deed: The legal instrument used to transfer title in real property from one person to another.
Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
General common elements: means and includes:(A) The land, whether leased or in fee simple, on which the building stands. See Tennessee Code 66-27-102
Highway: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Limited common elements: means and includes those common elements which are agreed upon by all of the co-owners to be reserved for the use of a certain number of apartments to the exclusion of the other apartments, such as special corridors, stairways and elevators, sanitary services common to the apartments of a particular floor, and the like. See Tennessee Code 66-27-102
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Person: means an individual, firm, corporation, partnership, association, trust or other legal entity, or any combination of these. See Tennessee Code 66-27-102
Private elements: means and includes the lot area upon which an apartment is located and the improvements located thereon, as described in the declaration, and for which fee simple ownership and exclusive use is reserved to that apartment only. See Tennessee Code 66-27-102
Property: means and includes the land whether leasehold or in fee simple and the building, all improvements and structures thereon and all easements, rights and appurtenances belonging to such land. See Tennessee Code 66-27-102
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
To record: means to record pursuant to the laws of the state of Tennessee relating to the recordation of deeds and other instruments conveying or affecting title to property. See Tennessee Code 66-27-102
Townhouse corporation: means a not-for-profit corporation to be organized under the Tennessee Nonprofit Corporation Act, compiled in title 48, chapters 51-68, of which all co-owners shall be members where private elements are involved. See Tennessee Code 66-27-102
(1)(A) “Apartment” means a part of the property subject to this part intended for any type of independent use, including:
(i)(a) One (1) or more cubicles of air at one (1) or more levels of space; or(b) One (1) or more rooms or enclosed spaces located on one (1) or more floors, or parts thereof, in a building; or(c) A separate free-standing building of one (1) or more floors; and(d) Any part of open space upon the property clearly delineated for independent use adjacent to and in connection with the use of any of the spaces provided for in subdivisions (a)(1)(A)(i)(a)-(c);(ii) All of which shall have a direct exit to a public street or highway or to a common area or limited common area leading to such street or highway;(B) Where private elements are involved, “apartment” includes the private element;(2) “Condominium” means the ownership of single units in a multiple unit structure or structures with common elements;(3) “Condominium project” means a real estate condominium project; a plan or project whereby two (2) or more apartments, rooms, office spaces, or other units in existing or proposed building or buildings or structure or structures are offered or proposed to be offered for sale;(4) “Co-owner” means a person, firm, corporation, partnership, association, trust or other legal entity, or any combination thereof, which owns an apartment or apartments within the building;(5) “Council of co-owners” means all the co-owners as defined in subdivision (a)(4);(6) “Developer” means a person who undertakes to develop a real estate condominium project;(7) “General common elements” means and includes:
(A) The land, whether leased or in fee simple, on which the building stands;(B) The foundations, main walls, roofs, halls, lobbies, stairways, and entrances and exits or communication ways;(C) The basements, flat roofs, yards, and gardens, except as otherwise provided or stipulated;(D) The premises for the lodging of janitors or persons in charge of the building, except as otherwise provided or stipulated;(E) The compartments or installations of central services, such as power, light, gas, cold and hot water, refrigeration, reservoirs, water tanks and pumps, and the like;(F) The elevators, garbage incinerators and, in general, all devices or installations existing for common use; and(G) All other elements of the building rationally of common use or necessary to its existence, upkeep and safety; but where private elements are created, private elements shall not be considered to be general common elements, notwithstanding anything in this section to the contrary;(8) “Limited common elements” means and includes those common elements which are agreed upon by all of the co-owners to be reserved for the use of a certain number of apartments to the exclusion of the other apartments, such as special corridors, stairways and elevators, sanitary services common to the apartments of a particular floor, and the like;(9) “Majority of co-owners” means more than fifty percent (50%) of the co-owners;(10) “Master deed” or “master lease” means the deed or lease recording the property of the horizontal property regime. A declaration will be recorded in the case where private elements are involved; the declaration shall include the covenants, conditions, restrictions and bylaws of the townhouse corporation;(11) “Person” means an individual, firm, corporation, partnership, association, trust or other legal entity, or any combination of these;(12) “Private elements” means and includes the lot area upon which an apartment is located and the improvements located thereon, as described in the declaration, and for which fee simple ownership and exclusive use is reserved to that apartment only. Private elements shall exist only where each apartment in the project has a ground floor and there are no apartments located above or below the private element except the one (1) apartment located thereon. Limited common elements located upon private elements shall be deemed to be private elements;(13) “Property” means and includes the land whether leasehold or in fee simple and the building, all improvements and structures thereon and all easements, rights and appurtenances belonging to such land;(14) “To record” means to record pursuant to the laws of the state of Tennessee relating to the recordation of deeds and other instruments conveying or affecting title to property; and(15) “Townhouse corporation” means a not-for-profit corporation to be organized under the Tennessee Nonprofit Corporation Act, compiled in title 48, chapters 51-68, of which all co-owners shall be members where private elements are involved.(b) All pronouns used in this section include the male, female and neuter genders and include the singular or plural numbers, as the case may be.
