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.
Ohio 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
By virtue of the Ohio Condominium Act, your client's condominium association is regulated by its governing documents. They include the Declaration, Bylaws, and Rules and Regulations. The Declaration and Bylaws are recorded with the county recorder's office. The association is subject to these governing documents (R.C.
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 Ohio Condominium Act (Ohio Revised Code 5311) was updated in 2004 and includes language requiring condominium associations to make an annual reserve contribution. Board members for condominium associations have since had to navigate vague and confusing language concerning the annual reserve requirement.
(A)(1) Except as provided in division (A)(2) of this section, any deposit or down payment made in connection with the sale of a condominium ownership interest shall be held in trust or escrow until delivered at settlement, returned to or otherwise credited to the purchaser, or forfeited to the developer.
Ohio HOA's are required to organize as nonprofit corporations. O.R.C. §5312.03(B). Thus, with regard to its organizational structure and general management, an association is subject to the authority of the Ohio Secretary of State.
In any action relating to the common elements or to any right, duty, or obligation possessed or imposed upon the unit owners association by statute or otherwise, the unit owners association may sue or be sued as a separate legal entity.
Thus, with regard to its organizational structure and general management, an association is subject to the authority of the Ohio Secretary of State. To the extent an HOA's activities implicate any consumer protection statutes, the HOA is subject to the enforcement power of the Ohio Attorney General.
