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Limited Warranty Certificate Issued to Owner of Condominium Unit

Massachusetts Limited Warranty Certificate Issued to Owner of Condominium Unit

Category:

Real Estate - Certificates

State:

Multi-State

Control #:

US-03106BG

Format:

Instant download

Description

This Limited Warranty Certificate has been prepared to comply with the requirements of the federal Magnuson-Mass Warranty-Federal Trade Commission Improvement Act enacted in 1975 (15 U.S.C. Section 2301); certain language is required by regulations promulgated by the Federal Trade Commission (16 C.F.R. Section 701.3).

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

The section provides that when the common funds and property of the association have been exhausted, the individual unit owners are liable for the balance due. Unit owners are the proper party to advance unit-related claims. This section controls when an improvement can be made to the common areas of the condominium.

Declaration of Covenants, Conditions and Restrictions, or ?CC&Rs? The Declaration of Covenants, Conditions and Restrictions, or ?CC&Rs?, is the primary and most important governing document for a condominium or planned development, and is required for all condominiums and planned developments.

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.

Legal document called a ?Declaration of Condominium? or ?Declaration of Restrictive Covenants? which is recorded at the county Register of Deeds office. The declaration describes the nature of the project and establishes rules and restrictions governing the use of the units and common areas.

Unless otherwise stipulated in the Condominium Plan, the common boundary on any condominium parcel with another condominium parcel or with the common elements shall be the centre of the floor, wall or ceiling as the case may be."

The description of the condominium units and the common areas and any restrictions on their use are established in a document commonly called a "Master Deed" (also known as the "Enabling Declaration", the "Declaration of Conditions", or the "Condominium Document").

Section 10. (a) Each unit owner shall have the same percentage interest in the corporation, trust or unincorporated association provided for in the master deed for the management and regulation of the condominium as his proportionate interest in the common areas and facilities.

WHAT ARE UNIT BOUNDARIES? It is essential in the first place to understand what a unit boundary is. It is the line that divides unit from common element, and unit from unit. It is comparable in its effect to the lot line in a plan of subdivision.

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