New York 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
A ?multiple dwelling? is a dwelling which is either rented, leased, let or hired out, to be occupied, or is occupied as the residence or home of three or more families living independently of each other.
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.
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.
The individual unit owners in a condominium own these common elements together as tenants in common. State law usually limits this relationship among unit owners in that there is no right to partition. The condominium form of ownership is usually used for apartment buildings.
A condominium, or condo, is an individually owned unit in a complex or building of units. A condo owner owns the space inside their condo and shares ownership interest in the community property, such as the floor, stairwells, and exterior areas.
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.
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.
What best describes ownership of a condominium? An owner of a condominium holds title to his airspace in fee simple. Air space refers to what is exclusively owned and common areas are what is shared in ownership. Tenants in common is a description of co-ownership.
