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.
Oklahoma Condominium Master Deed - Residential Condo Development
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FAQ
When a condominium is new, there will be a period of time where the developer is responsible for managing the community. But once a certain amount of units are sold, the developer hands over control of the association to the unit owners, who must elect a board of directors.
Condos are multi-unit dwellings that can be found in high-rise, low-rise, medium-rise, and townhouse designs. The individual units are purchased through either the builder for new construction condos or through the owner for resale condos.
A condominium, also known as a condo, is a unit in a complex or building of units that is privately owned. The air space inside a condo is owned by the condo owner, who also owns a share of the communal property, which includes the floor, walls, walkways, stairwells, and outside spaces.
Four types of legal ?governing documents? are typically associated with subdivisions such as condominiums and planned developments: the Declaration of Covenants, Conditions and Restrictions (or ?CC&Rs?), the Bylaws, the Articles of Incorporation, and the Rules.
The Bottom Line A condominium, or condo, is an individually owned residential unit in a complex or building of like units. Condo owners own their units but share common spaces, amenities, and other resources. They pay condo fees, which cover maintenance costs, amenities, and the upkeep of common spaces.
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.
Owners of condos receive a deed for their unit just like if they bought a house. They also own their unit in fee simple, which is the least restrictive form of real estate ownership recognized by law.
Types of Condominium Ownership The period is typically 25 to 50 years. After the agreement expires, the owner or developer may decide to renew the lease. The developer may also demand that you return the property. For perpetual ownership, the condo unit will be yours forever or without a set end date.
