Master Deed Condominium Meaning In Los Angeles
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A inium consists of an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map, or inium plan in sufficient detail to locate all boundaries thereof…
Master Deed/Declaration of Covenants and Restrictions It is filed with the county clerk's office where the community is located and outlines the physical boundaries of the property, including common areas, limited common elements or areas, and individual units/lots.
An apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas. (informal condo) an apartment in a inium.
A inium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.
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.
Ownership of a inium unit is evidenced by a inium certificate of title. With respect to real property other than land and inium units, there is no system that is equivalent to the Torrens system for registration under which a document is issued to evidence the owner's title.
