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.
District of Columbia Condominium Master Deed - Residential Condo Development
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This could include structural damage, plumbing problems, electrical issues, water damage, mold growth, and other hidden hazards. It's important to thoroughly inspect any potential property before purchase to ensure it meets your needs and expectations.
The Amaris is D.C.'s swankiest new condo building, housing luxe amenities and powerful people. Driving the news: Late last week, one of the building's seven penthouses sold for just under $12.8 million, making it the most expensive condo in D.C.
On the other hand, when you purchase a condominium, you only own the specific unit. No land = less value. Also, it's likely that more condominium units can fit on single plot of land than single family homes, as condos are often built up instead of out. This higher supply of condos can in turn drive prices down.
The cons of buying a condo Fees. The luxurious amenities provided by condo complexes come at a cost to the residents. ... Condo association regulations. Choosing to live in a condo means you have to abide by community rules. ... Resale challenges. ... Lack of privacy. ... Delinquency. ... No land ownership. ... Limited storage.
Yes, condos generally appreciate in value. That's true of any piece of property?as long as it doesn't have wheels or come from a trailer park. But, if you're trying to decide between a condo or a house, keep in mind that a single-family home is usually going to grow in value faster than a condo will.
Condos offer residents the opportunity to embrace homeownership without the hassle of yard work, snow shoveling, or home repairs. Building hallways, entryways, and community spaces are also taken care of by a cleaning or maintenance staff, so you only have to worry about your living space.
The DC Condo Act of 1974 is the District level legal compass for association governance and affairs. This Act establishes parameters for practices and creates guidelines and rules for how associations and cooperatives operate in Washington DC.
(2) A unit owner shall have the right to cure any default in payment of an assessment at any time prior to the foreclosure sale by tendering payment in full of past due assessments, plus any late charge or interest due and reasonable attorney's fees and costs incurred in connection with the enforcement of the lien for ...
