Michigan 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
Generally, a condominium is an estate in real property ownership representing a combination of a separate or exclusive ownership in the condominium unit and the undivided ownership interest in common with others in the common elements.
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.
A condominium, or condo, is an individually owned unit in a complex or building of units. A condo owner owns the space inside their condo and shares ownership interest in the community property, such as the floor, stairwells, and exterior areas.
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 individual unit owners in a condominium own these common elements together as tenants in common. State law usually limits this relationship among unit owners in that there is no right to partition. The condominium form of ownership is usually used for apartment buildings.
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.
What best describes ownership of a condominium? An owner of a condominium holds title to his airspace in fee simple. Air space refers to what is exclusively owned and common areas are what is shared in ownership. Tenants in common is a description of co-ownership.
The master deed provides the percentage of ownership for each condominium unit in the development. This percentage is the basis for determining your obligation for payment of monthly maintenance fees, assessments for major repairs, and may determine your voting percentage at association meetings.
