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.
South Carolina Condominium Master Deed - Residential Condo Development
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FAQ
When heirs' property is created, the heirs own all the property together (in legal terms, they own the property as ?tenants in common?). In other words, they each own an interest in the undivided land rather than each heir owning an individual lot or piece of the land.
A Horizontal Property Regime (HPR) is a zoning policy which essentially allows for two new houses to be built on a piece of land that was previously zoned for just one house.
South Carolina Horizontal Property Act Section NameSection Number"Conversion of rental units to condominium ownership" defined§ 27-31-410Rights and duties of owners, landlords, and tenants when rental units are converted to condominiums; notices; offers; vacation; phased conversions§ 27-31-42034 more rows
The master deed or lease creating and establishing the horizontal property regime shall be executed by the owner or owners of the real property making up the regime and shall be recorded with the register of mesne conveyance or clerk of court of the county where such property is located.
A horizontal-property act is a law that governs the ownership and management of cooperatives and condominiums. It sets out the rights and responsibilities of owners, tenants, and management companies.
(a) An apartment owner shall have the exclusive ownership of his apartment and shall have a common right to a share, with the other co-owners, in the common elements of the property, equivalent to the percentage representing the value of the individual apartment, with relation to the value of the whole property.
This chapter may be cited as the `South Carolina Condominium Act'. Section 27-30-20. The purpose of this chapter is to recognize the condominium form of ownership of real property, and to establish procedures for the creation, sale, and operation of condominiums.
