The Michigan Master Deed Declaration of Condominium is a legal document that outlines the rights, responsibilities, and restrictions of property owners within a condominium development. It serves as the governing document for the condominium association and provides a framework for the management and operation of the community. The Master Deed Declaration establishes the legal boundaries and descriptions of the condominium units, common areas, and limited common elements. It includes detailed information about the size, location, and layout of each unit, as well as any exclusive use areas such as balconies or parking spaces. Within the Master Deed Declaration, various keywords play a crucial role in defining the rights and limitations of condominium owners. These keywords include: 1. Common Elements: These are areas within the condominium development that are jointly owned and shared by all unit owners. Examples include lobbies, hallways, elevators, and recreational facilities. 2. Limited Common Elements: These are areas within the condominium that are owned by the association but have restricted use to specific unit owners. Examples may include balconies, patios, or parking spaces assigned to individual units. 3. Association: The condominium association is responsible for managing the common elements, maintaining the property, enforcing the rules and regulations, and collecting assessments from unit owners to cover the costs of maintenance and repairs. 4. Bylaws: The Master Deed Declaration may reference the association's bylaws, which detail the internal regulations and procedures governing the condominium community. Bylaws cover topics such as board member elections, assessment collection, architectural guidelines, and dispute resolution processes. 5. Assessments: Unit owners are typically required to pay regular assessments, which cover their share of the association's expenses for common element maintenance, insurance, utilities, and any other shared costs. 6. Amendments: The Master Deed Declaration can be amended by a vote of the unit owners, typically with a specific majority required for changes to be implemented. Amendments may be necessary to adapt to changing circumstances or address issues that arise within the community. Different types of Michigan Master Deed Declaration of Condominium can be classified based on the type of development or property. Examples include: 1. Residential Condominiums: These are condominium developments primarily made up of residential units, where the units are intended for use as a primary residence or for rental purposes. 2. Commercial Condominiums: In these types of developments, the individual units are designated for commercial use, such as retail spaces, offices, or industrial facilities. 3. Mixed-Use Condominiums: These developments combine residential and commercial units within the same building or complex, creating a diverse community with a blend of residential and commercial activities. 4. Vacation Condominiums: These are condominiums located in desirable vacation destinations, such as beachfront or resort areas, where units are predominantly used as vacation homes. In summary, the Michigan Master Deed Declaration of Condominium is a crucial legal document that establishes the ownership, rights, and obligations of condominium unit owners within a particular development. It defines the common and limited common elements, outlines the role of the association, and sets forth the guidelines and regulations governing the community.
Michigan Master Deed Declaration of Condominium
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How to fill out Master Deed Declaration Of Condominium?
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Sec. 67. (1) A change in a condominium project shall be reflected in an amendment to the appropriate condominium document. An amendment to the condominium document is subject to sections 90, 90a, and 91.
Sec. 47. (1) Subject to the prohibitions and restrictions in the condominium documents, a co-owner may make improvements or alterations within a condominium unit that do not impair the structural integrity of a structure or otherwise lessen the support of a portion of the condominium project.
The Condominium Act, (Section 52), describes the procedure for transitioning from the developer to the association of co-owners for the governing of the development. (Also see ?Election of Association of Co-owners Board of Directors? later in this handbook.)
Sec. 47. (1) Subject to the prohibitions and restrictions in the condominium documents, a co-owner may make improvements or alterations within a condominium unit that do not impair the structural integrity of a structure or otherwise lessen the support of a portion of the condominium project.
Section 57 of the Act provides that all books, records, contracts, and financial statements concerning the administration and operation of the condominium project shall be available for examination by any of the co-owners at convenient times.
90a. (1) To the extent this act or the condominium documents require a vote of mortgagees of units on amendment of the condominium documents, the procedure described in this section applies. (2) The date on which the proposed amendment is approved by the requisite majority of co-owners is considered the ?control date?.
Section 54 of the Act states that the bylaws must contain provisions requiring the association or management company to keep books and records with a detailed account of the expenditures and receipts affecting the condominium development and specify the operating expenses.