This form is a Master Deed. This Master Deed is executed by a developer pursuant to the provisions of the Condominium Act. The deed contains a legal description of the project and the responsibilities of the co-owner.
Master Deed For A Condominium In California
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Your inium doesn't have a lifespan, but the corporation managing it has one. In the Philippines, 50 years is the lifespan of all companies and corporations, big or small. However, the corporation can still be renewed for another 50 years, so your inium ownership does not necessarily end at that point.
When a common interest development deteriorates to the point that basic safety and habitability are called into question, the local government authority must act to either force the owners to repair it, or failing that, to close it down.
Additionally, condo owners often don't own the land their unit is built on—they lease it from the condo association—which can lead to different restrictions regarding renovations or modifications.
In California, the vast majority of property is transferred through one of two types of deeds: the grant deed – by far the most commonly used – and the quitclaim deed.
The ownership of these condos might differ; they might be leasehold or freehold. One of the main differences between these types is that in leasehold condos, you only own the right to operate your unit for a specific period. In freehold condos, you have full ownership rights forever.
Generally, a condo owner in California is responsible for the interior of their unit. The Condo Association (or HOA), is responsible for shared areas and the structure of the building.
In California, the vast majority of property is transferred through one of two types of deeds: the grant deed – by far the most commonly used – and the quitclaim deed.
To record a deed in California, you must submit the completed deed along with the appropriate fees to the County Recorder's Office in the county where the property is located. The deed will then be officially recorded, making it a part of the public record.
Who can prepare deeds in California? Deeds are normally prepared by escrow or title companies as part of a transaction.
In California: “An unrecorded instrument is valid as between the parties thereto and those who have notice thereof.” Code § 1217 However, the absence of a recorded deed can lead to several legal and practical complications.
