Master Deed Real Estate Withdrawal
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FAQ
Master deed. This is a deed filed by a condominium owner to record the property and allow sales of the individual condos and use of communal areas by owners.
In most condominium projects, the CC&Rs define the boundaries of each condominium, parking space, deck etc., often by using an attached drawing of the property called a ?Condominium Plan?.
"Declaration of Trust" means the written instrument or declaration which creates a voluntary association or trust.
In most cases, yes. You can cancel or change the trust at any time. You act as trustee and manage the property for as long as you are able; and, if you want, you can have all trust property returned to you at any time. The trust usually only becomes irrevocable when you die or if you become incompetent.
The most common example of when a declaration of trust is used is the situation where an adult son or daughter borrows money for a deposit on a first house from his or her parents. The parents may have a mortgage already, and the terms of that mortgage prevent them from borrowing under another.