What term refers to assets and equipment within the condominium building?

The term that refers to assets and equipment within the condominium building is commonly known as "Common Elements." This designation includes shared spaces and features of the condominium that are utilized by all residents, such as hallways, gardens, recreational facilities, and any equipment that serves the overall function of the building. Essentially, these are parts of the property that are collectively owned by all unit owners and are maintained for the benefit of the community.

Understanding the distinction is important as common elements differ from unit owners' individual units, which are privately owned and not part of the shared management responsibilities. Common elements play a vital role in the day-to-day operations and maintenance of the condominium, impacting both property value and the quality of life for residents.