Missouri 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
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.
Like other common elements, a limited common element is owned jointly by all of the unit owners (in a condominium) or by an organization of which all the unit owners are members (in a planned community or cooperative).
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.
Unlike apartments, which are leased by their tenants, in most systems condominium units are owned outright, and the owners of the individual units also collectively own the common areas of the property, such as the exterior of the building, roof, corridors/hallways, walkways, and laundry rooms, as well as common ...
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.
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.
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.
The Common Elements are owned collectively by all of the Unit owners. Each Unit is assigned a percentage ownership interest in the Common Elements. These Percentage Interests are established in the Condominium Declaration.
A condominium owner actually owns: a fee simple interest in an airspace and tenancy in common interest in a share of common elements.