District of Columbia Master Deed Declaration of Condominium
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The Act was amended to provide that a non-judicial foreclosure may not be held until at least 31 days following recordation of a Notice of Foreclosure in land records, as well as the already-required delivery of a foreclosure Notice to the owner.
In Washington DC, the review period for condo documents is 3 business days. This built in review period gives the condo or home buyer the opportunity to examine the health of the organization they will be joining. governed by the District of Columbia Condominium Act.
Probably one of the most distinct features of condominium ownership lies in the concept of ?undivided ownership interest? of the common elements. All unit owners as members of the condominium's association share ownership of the common elements.
Condo owners can be described as homeowners. A condo is a living residence that requires mortgage payments, taxes, and insurance.
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.
(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 ...
Condo laws are often called Horizontal property or strata title acts. Owners have Fee simple title but share common elements to which they are tenants in common.
What is needed to create a condominium property? Condominium declaration and master deed.
