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 Michigan
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In the US deeds are recorded by a Register of Deeds.. usually there is a Register of Deeds for each county. So contact the county where the real property is located and ask for the register of deeds. You may have to search their records.
Inium Documents means the master deed, recorded pursuant to this act, and any other instrument referred to in the master deed or bylaws which affects the rights and obligations of a co-owner in the inium. inium Plan means a plan described in Section 4285.
A Master Deed is a legal document that outlines the rules and regulations for a inium or cooperative property. It's a document that's created by the developer of the property and it's used to govern how the property is managed and maintained.
Final answer: The correct option is a: individually owned units and jointly owned common areas identified by reference to a declaration. The essential characteristics of inium ownership include individually owned units and jointly owned common areas identified by a declaration.
The inium declaration, also called a master deed or master lease, is recorded in the public records, binding all current and future condo owners to its terms and conditions. It includes restrictive covenants on inium owners that regulate the use of both common areas and private inium units.
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 inium documents include the master deed, inium subdivision plan, bylaws for the inium project, and any other documents referred to in the master deed or bylaws. In addition, the developer is required to provide a disclosure statement.
Sec. 67. (1) A change in a inium project shall be reflected in an amendment to the appropriate inium document. An amendment to the inium document is subject to sections 90, 90a, and 91.
Maintenance, repair, and replacement of a limited common element is usually the responsibility of the association except to the extent the declaration shifts that duty to the unit owner.
"Master deed" means the inium document recording the inium project to which are attached as exhibits and incorporated by reference the bylaws for the project and the inium subdivision plan for the project.