Pennsylvania 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
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.
Pennsylvania Uniform Condominium Act §§ 3101 to. 3414) was adopted in 1980 to govern the formation and operation of condominiums. Prior to the UCA, condominiums in Pennsylvania were governed by the since-repealed Unit Property Act. By definition, a condominium is a form of real estate ownership.
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.
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.
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.
Condominiums in Pennsylvania are governed by the Uniform Condominium Act, 68 Pa. Stat. §§ 3101 to 3414 (the ?UCA?).
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.