Idaho Master Deed for Plan of Ownership for Condominium with Multiple Residential Buildings
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How to fill out Master Deed For Plan Of Ownership For Condominium With Multiple Residential Buildings?
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FAQ
A housing cooperative or "co-op" is a type of residential housing option that is actually a corporation whereby the owners do not own their units outright. Instead, each resident is a shareholder in the corporation based in part on the relative size of the unit that they live in.
Tenancy in common is frequently the way property is held when siblings inherited their parents' property, or when business partners purchase a piece of real estate together. When multiple people own property as tenants in common, each owner may have a different percentage of ownership.
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.
Common Elements. Also known as Common Areas; refers to the spaces in a building shared by residents of the building. Common areas include lobbies, corridors, stairs, elevators, etc.
A condominium, often shortened to simply ?condo,? is a privately owned individual unit within a community of other units. In general, the owner usually owns the interior of their condo and the structural components of exterior walls.
A proprietary lease is an agreement that grants shareholders in a co-op the right to live in a particular apartment space. Also known as occupancy agreements, proprietary leases stake out the rights and responsibilities of shareholders and the cooperative corporation's board of directors.
If you live in a condominium, you have ownership over your individual unit. If you live in a co-op, you own shares of a company that owns the building. As a co-op owner, you don't own the unit. Instead, you own the right to live in the building and be a part of the community that manages it.
Landominium refers to a unit, built as part of a residential development, whose owner owns both the unit and the land on which it is built. It is a portmanteau of "land" and "condominium."
