Condo Master Deed And Bylaws In Franklin
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FAQ
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.
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.
You can find a copy of your previous deed on the Franklin County Recorder's office website. The Recorder's office can also be reached at 614-525-3930.
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.
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.
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.
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.
(j) “Master Policy” means the contract between the Company and the Master Policyholder to provide Life Cover to the insured member on receipt of due premiums.
What is the Master Policy Deductible? The master policy deductible is typically a set amount, such as $10,000 per occurrence, and it applies to damage affecting the building or common areas.
In December 2022, Fannie Mae adjusted their minimum insurance requirements for master policies. Under these new requirements, the maximum deductible percentage for any master policy is 5%.
