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 Clark
Category:
State:
Multi-State
County:
Clark
Control #:
US-00454
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
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.
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.
Section 57 of the Act provides that all books, records, contracts, and financial statements concerning the administration and operation of the inium project shall be available for examination by any of the co-owners at convenient times.
The state administrative code requires the co-owners' association to maintain a reserve fund which, at a minimum, shall be equal to 10% of the association's current annual budget on a noncumulative basis. The funds shall only be used for major repairs and replacement of common elements.
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.
Inium is a Latin word that means "Owning property together." That's what it is like when someone buys a condo unit. They have an "interest" in the land beneath the building, but the building's association owns the actual land.