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 Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00454
Format:
Word;
Rich Text
Instant download
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FAQ
In order to file a deed in Cook County, the necessary documents are as follows: (1) Tax Declaration (MyDec); (2) Tax Stamps (or “Zero Stamps” if an exempt transfer); (3) A Grantor/Grantee Affidavit (exempt transfers); (4) The Deed to be Filed (which must contain PIN number, complete legal description, commonly known ...
What Are My Rights as a Condo Owner? As a condo owner, you have the right to use your unit as provided in the master deed – if it's a residential inium unit – in a way that allows you to maintain a reasonable standard of living as required by Massachusetts health, safety and building laws.
In Massachusetts, there are primarily three types of deeds that are used in all transactions: Release Deeds, Quitclaim Deeds, and Warranty Deeds. The vast majority of property in Massachusetts is transferred via a quitclaim deed.
Essentially a quitclaim deed provides the same protections as a warranty deed, except it limits how far back in time the grantor is liable for any problems resulting from the title.
The master deed is one of the documents that transfer property to be owned by the inium. It includes a description of the land and buildings, a description of what is the common area and what the individual owners own, a determination of percentage interest, a plot plan, and use restrictions.
Your will can only give away assets that are entirely yours, so if you own partial interest in the land—for example, as a tenant in common with siblings—then you can only give away your share of the ownership. As previously noted, a will cannot override the ownership of the land as stated on your deed.
General warranty deeds give the grantee the most legal protection, while special warranty deeds give the grantee more limited protection. A quitclaim deed gives the grantee the least protection under the law.
A warranty deed offers the strongest protection. It protects the party receiving the property title in case there turns out to be any issues with the title. In a worst-case scenario, the buyer can sue the seller if they find out that the property had any liens or claims against it.
A general warranty deed is the most common because it has the highest form of protection for the buyer. It guarantees there are no current or prior issues with the home or its title that the buyer is unaware of.