Massachusetts Deed to Time Share Condominium with Covenants of Title

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US-02717BG
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Description

Time share is a type of property right under which the purchaser of a time share has access to the 'share' they own in a property for a specific 'time'. Time-shares have been sold for cruises, recreational vehicles, campgrounds, and many other types of properties, but their most popular use is for shares in condominiums at timeshare resorts.


A Warranty Deed s provides the most protection against defects of title- covenants that the grantor has title to, and the power to convey, the property; that the buyer will not be disturbed in possession of the land; and that transfer is made without unknown adverse claims of third parties. A Special Warranty Deed only that the grantor held good title during his or her ownership of the property, not that there were no title defects when others owned it. If all liens and encumbrances are disclosed, the seller is not liable if a third person interferes with the buyer's ownership.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

A declaration of trust under U.S. law is a document or an oral statement appointing a trustee to oversee assets being held for the benefit of one or more other individuals. These assets are held in a trust.

A certification of trust provides information regarding the settlor of the trust, the acting trustee, and the power and authority of the trustee to manage and invest trust property or to act with respect to a specific transaction.

The cost of creating a trust in Massachusetts varies, but a basic Revocable Living Trust generally ranges from $1,000 to $3,000. The cost may be higher for more complex trusts or if you require the assistance of an attorney. Online legal services can offer more affordable alternatives for creating trusts.

For example, if you gave your child enough money to pay for their entire deposit, a declaration of trust could ensure they got that back if the relationship broke down. This agreement is typically made when the property is purchased.

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.

Living trusts in Massachusetts You may choose anyone, but it is common to name yourself, with a successor trustee in place for after your death. A revocable living trust can be changed or cancelled by you at any time during your life. An irrevocable living trust is unalterable once it is signed.

Condo owners can be described as homeowners. A condo is a living residence that requires mortgage payments, taxes, and insurance.

What Are My Rights as a Condo Owner? As a condo owner, you have the right to use your unit as provided in the master deed ? if it's a residential condominium unit ? in a way that allows you to maintain a reasonable standard of living as required by Massachusetts health, safety and building laws.

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.

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.

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Massachusetts Deed to Time Share Condominium with Covenants of Title