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.
Condominium Common Element For All Living Things In Collin
Category:
State:
Multi-State
County:
Collin
Control #:
US-00454
Format:
Word;
Rich Text
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FAQ
Common areas are governed by the association's governing documents, which may include covenants, conditions, and restrictions (CC&R), as well as bylaws and rules established by the board. These documents outline the rights and responsibilities of homeowners regarding the use, maintenance, and enjoyment of common areas.
Common areas belong to all the owners equally, as does the physical and financial responsibility to maintain them. Owners have an irrevocable right to enter a common area during reasonable hours for the purpose of maintenance or repair- as long as any such work adheres to the Apartment Act by-laws.
Common Elements of the inium Corporation are the land and structures in the inium Corporation other than the units themselves, such as the exterior landscaped areas, recreational facilities, parking garage, hallways, elevators, corridors, public washrooms, lobby areas, driveways, garbage rooms, electrical ...
How Tenancy in Common (TIC) Works. Owners as tenants in common share interests and privileges in all areas of the property but each tenant can own a different percentage or proportional financial share. Tenancy in common agreements can be created at any time.
This means common elements could include, but are not limited to, all the following: land, foundations, hallways, stairways, entrances and exits, common parking areas, storage areas, basement, roof, incinerator, pipes, ducts, electrical wiring and conduits, central heating and air, public utility lines, floors, ...
A common area is some shared space or amenity between unit owners or shareholders of a common interest development (CID). In housing CIDs, common areas can include things such as yard space, a basketball court, pool, laundry room, or a mail room.
HOA common areas are equally owned by all the homeowners in the community. Each owner pays regular HOA dues that go towards association operations and common area maintenance, giving them an equal share of ownership.
General Common Elements and Who Can Use Them These might include, for example, a pool, community park, or clubhouse. In a more upscale development, general common elements might also include things like common entrance gates, fountains, tennis courts, and spas.
Inium structure means the principal building or structure intended for or constructed upon a lot or building site, together with any attached accessory structures; e.g. in a residential development, the inium structure would refer to the house and any attached garage.