New York Master Deed Declaration of Condominium
Description
Form popularity
FAQ
Condo owners can be described as homeowners. A condo is a living residence that requires mortgage payments, taxes, and insurance.
A Condo Declaration is a legal document that lays out what common and private spaces were built and who owns them. It details the block and lot, address, unit number, size, square footage, common interest percentage, and limited common interests.
What is needed to create a condominium property? Condominium declaration and master deed.
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.
Overview. Section 339-s of the New York State Real Property Law requires any Condominium Declaration, and any amendment thereof, to be filed with the New York Department of State.
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.
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.
