This form is a Master Deed. This Master Deed is executed by a developer pursuant to the provisions of the Condominium Act. The deed contains a legal description of the project and the responsibilities of the co-owner.
Montana Condominium Master Deed - Residential Condo Development
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How to fill out Condominium Master Deed - Residential Condo Development?
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FAQ
A condominium is generally defined as a system of separate ownership of individual units in multi-unit projects.
The main difference between a townhome and a condominium is that in a condominium the unit owner owns the cubicle of air space that his unit occupies and there is no land attributable to the unit owner. On the other hand, a distinguishing feature of a townhouse is the ownership of the land by the unit owner.
A condominium, or condo, is an individually owned residential unit in a complex or building of like units. Condo owners own their units but share common spaces, amenities, and other resources. They pay condo fees, which cover maintenance costs, amenities, and the upkeep of common spaces.
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.
The biggest difference between a condo and an apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo can be similar in structure to an apartment ? usually a unit within a larger residential building ? but condos are owned instead of rented.
Condominiums, or condos, are popular alternatives to single-family homes for many buyers. They can be apartments that share walls with other units, or stand-alone units clustered on a property. But what defines a condo is the way that they are owned. Condo owners only own the inside of their residential unit.
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.
