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.
New York Condominium Master Deed - Residential Condo Development
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Unlike cooperative housing corporations (co-ops), which are governed by state corporate laws and common law, condominium associations are bound by the Real Property Act with regard to the transition of authority, governance procedures, property maintenance obligations, and various other matters impacting New York ...
The Condominium Act is the New York State law which governs the establishment of condominiums. The decisions made by courts in cases involving the Condominium Act are the case law which interprets the statute.
Condo laws are often called Horizontal property or strata title acts. Owners have Fee simple title but share common elements to which they are tenants in common.
The individual units normally share walls, but that isn't a requirement. The main difference between condos and regular single homes is that there is no individual ownership of a plot of land. All the land in the condominium project is owned in common by all the homeowners.
Condo Owner Rights: The Right to Protest When board members fail to meet their fiduciary duties, condo members can remove the board members who are abusing their authority. Condo owners also have the right to protest any regulations that are discriminatory, unfair, or onerous.