Question

What is the definition of common property? Give an example, and explain how and
why the common property will be mishandled by the private market.

Answer 1

Common property is all the areas of the land and buildings not included in any lot. It is jointly owned by all owners, and the owners corporation is responsible for its management. The lot and common property will be defined on your individual strata plan.

Examples of common-property goods come from the natural environment. The atmosphere, oceans, other large bodies of water, and wilderness areas are common property goods. These goods are readily accessible to all users. No one can be excluded from using the air or the oceans.

Common property includes:

Floors, including a ramp or stairway Boundary walls including any door, window or other structure within the wall and their working parts

Ceramic tiles originally attached to a common property surface (the floor or boundary wall)

(1) open access and common property regimes are generally confounded with
one another, and

(2) common property is consequently condemned as inferior to private property. In view of this, the current work's main task is to separate out the three use systems and to look at resource allocation under each.

Private property and a view that backs common property as a solution might be ferreted out. Open access is an undesirable regime under which to exploit a natural resource, at least when extraction becomes intensive.