Nevada Master Deed Declaration of Condominium
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FAQ
A condominium is characterized by separate ownership of identified portions of the subject property (such as individual apartments in a multi-unit building) and undivided or joint ownership of the remainder (the common areas of that apartment building).
A Condominium Declaration, also sometimes known as Master Deed, is a fundamental document that establishes the existence of and further governs the use and maintenance of a condominium property.
Common elements are owned in undivided shares by all condominium unit owners as tenants in common and include portions of the condominium shared or used in common by the condominium's residents. Examples of common elements are: Building structural components and systems.
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 ...
The Nevada Uniform Common-Interest Ownership Act (UCIOA) is a state law that provides the legal framework for the management, operation, and ownership of condominiums, planned communities, and other common-interest communities.
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).
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.
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.
