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.
Condo Master Deed And Bylaws In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00454
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Word;
Rich Text
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FAQ
A deed restriction is a binding agreement that places permanent restrictions on the property. In the case of this program, the deed restriction will restrict the unit to use as a full-time residence, with occupants required to meet income and employment qualifications.
Any restrictions on the use of the units and common areas. The bylaws are actually a part of the Master Deed itself. Most often, in the case of such an inconsistency, the Master Deed provision would prevail.
These restrictions are typically put in place by developers, homeowners' associations or previous property owners to maintain a certain standard within a community. For potential property buyers, it is essential to be aware of any existing deed restrictions, as they can significantly impact plans for the property.
Condos have a special type of ownership title called a CCT - inium certificate of title. iniums usually have amenities, like swimming pools, owned parking, a clubhouse, and a building for administration.
Every inium is governed by a set of rules and regulations. Rules make up part of the condo's governing documents, and help support covenants, conditions and restrictions, or CC&Rs, and bylaws. Rules are enforced by the corporation or association.
HOA rules. Both deed restrictions and HOA rules can dictate the use of your property. The main difference is that deed restrictions are attached to the land itself, while HOA rules pertain to the property's location within a certain community. Another difference is their tenure.
The Declarations define the use and occupancy rules of the units and common areas. Condo bylaws outline the remedies for breach of these rules.
Gov. Wanda Vázquez Garced signed Act 129-2020, which establishes the Puerto Rico inium Act to update the rules that govern coexistence in these structures, effectively abolishing Act 104-1958, as amended.
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.
Your inium doesn't have a lifespan, but the corporation managing it has one. In the Philippines, 50 years is the lifespan of all companies and corporations, big or small. However, the corporation can still be renewed for another 50 years, so your inium ownership does not necessarily end at that point.
