Common Interest Community Law and Legal Definition

Pursuant to the Uniform Common Interest Ownership Act, "Common interest community" means real estate with respect to which a person is obligated to pay for real estate taxes, insurance premiums, maintenance, or improvement of other real estate described in a declaration, by virtue of his or her ownership of a unit. However, "Ownership of a unit" does not include holding a leasehold interest of less than twenty years in a unit, including renewal options.