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.
California Condominium Master Deed - Residential Condo Development
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FAQ
A condo owner only has possession over the inside of the unit, while a townhouse owner controls the interior, exterior and the land the structure sits on.
Additionally, condo owners often don't own the land their unit is built on?they lease it from the condo association?which can lead to different restrictions regarding renovations or modifications.
A condominium 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 condominium plan in sufficient detail to locate all boundaries thereof?
Owners of single-family homes purchase the home structure and the land it sits on, while condo owners own just the unit they live in, not the larger building or the land on which it's built. Generally, with a condo, the surrounding exterior space is shared among the condo owners.
The biggest difference between a condo and an apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo can be similar in structure to an apartment ? usually a unit within a larger residential building ? but condos are owned instead of rented.
