What is common property in SAP RE - Real Estate Management?

SAP Term: common property

• Component: RE

• Component Name: Real Estate Management

• Description: Part area of the ownership structure of a condominium owners' association. Common property consists of: The land The parts of the building necessary for the safety of the building foundations, supporting walls Grounds and facilities serving a common purpose and necessary for the condominium owners All other grounds, facilities and rooms not separately owned as condominiums or belonging to a third party such as meters belonging to utility companies

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• Key Concepts: 
  Common property is a term used in SAP Real Estate Management (RE-FX) to refer to a property that is owned by multiple parties. This type of property can be used for a variety of purposes, such as residential, commercial, or industrial. Common property is typically managed by a single entity, such as a homeowners' association or a real estate company. 
  
  How to use it: 
  In SAP RE-FX, common property is managed through the Common Property Management (CPM) module. This module allows users to manage the ownership and usage of common property, as well as track and report on the financials associated with it. The CPM module also provides tools for managing the maintenance and upkeep of common property. 
  
  Tips & Tricks: 
  When managing common property in SAP RE-FX, it is important to ensure that all parties involved are aware of their rights and responsibilities. This includes understanding the legal implications of owning and using common property, as well as any restrictions or regulations that may apply. Additionally, it is important to keep accurate records of all transactions related to common property in order to ensure compliance with applicable laws and regulations. 
  
  Related Information: 
  For more information on common property in SAP RE-FX, please refer to the official SAP documentation on the topic. Additionally, there are many online resources available that provide additional information and tips on managing common property in SAP RE-FX.