Condominium Master Deed - Residential Condo Development
What this document covers
The Condominium Master Deed is a legal document created by a developer to establish a condominium project under the provisions of the Condominium Act. This form outlines the legal description of the property, the responsibilities and rights of the co-owners, and the regulations governing the condominium. Unlike other property deeds, this document is specifically tailored for residential condo developments and includes essential details about common elements and individual units.
Form components explained
- Recitals - Intentions of the developer to establish a condominium project.
- Title and Nature - Name and legal description of the condominium project.
- Common Elements - Specifications regarding common areas shared by co-owners.
- Unit Descriptions - Details of individual units and their boundaries.
- Responsibilities - Maintenance, repair, and cost responsibilities outlined for co-owners and the association.
- Easements - Rights related to utility access and usage of common areas.
When this form is needed
This form should be used when a developer is ready to formally create a condominium project and wishes to define the rights and responsibilities of the individual unit owners as well as the communal management of shared spaces. It is essential during the process of selling or leasing individual units to ensure all regulations and agreements are acknowledged and legally documented.
Who should use this form
- Developers planning a new residential condo development.
- Real estate professionals assisting with property sales within a condominium.
- Property management companies managing condominium associations.
- Co-owners looking to understand their rights and obligations within the condo project.
How to prepare this document
- Identify the developer and enter the date of execution.
- Provide the legal description of the condominium property.
- Specify the name of the condominium project and the county it resides in.
- Outline the number and boundaries of the condo units in the attached exhibits.
- Detail the common elements and the responsibilities of both the developer and the co-owners.
Does this document require notarization?
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
Mistakes to watch out for
- Failing to include all necessary legal descriptions of the property.
- Overlooking the definitions of terms used in the Master Deed.
- Not accurately defining the rights and responsibilities of co-owners and the association.
- Neglecting to attach the required exhibits detailing unit specifications and common areas.
Why use this form online
- Convenient access to customizable templates resonating with specific legal requirements.
- Ability to quickly download and print the form for immediate use.
- Guidance from licensed attorneys ensuring accuracy and legality.
Form popularity
FAQ
A condominium, called condo for short, is a privately owned individual unit within a building of other units. Condo owners jointly own shared common areas, such as pools, garages, elevators, outside hallways and gyms, to name a few.Condominiums are often referred to as a 'common interest development. '
What happens after the building is eventually condemned as uninhabitable? Anyone's guess, but it might be that unless owners themselves have resources to rebuild the condo, it might just be demolished and land sold off, with whatever small remaining proceeds going to old condo owners.
Common elements are those parts of a condo complex that belong to all owners. With a few exceptions, they constitute everything except the units in which people live. Corridors, garbage rooms, lobbies, locker areas, garages, technical rooms, the roof, grounds, walkways are all common elements.
What Is a Condominium? A condominium is a form of property ownership involving multiple-unit dwellings where a person owns his or her individual unit, but the common areas are owned in common. All members share in the costs and maintenance of the common areas.
What is a condo? A condominium, (also known as a condo) is a private residential unit located in a building or community that is rented out to tenants. The unit itself is privately owned by an individual who becomes the landlord of that property.
Condominium documents are generally divided into three parts: Declaration, Articles of Incorporation, and Rules and Regulations. the basic rules under which the condominium operates. the condo's owner or developer.
An individual who purchases a unit in a condominium receives title to such unit in fee simple, owning it outright. The owner has all legal rights incident to ownership, including the right to sell, absent a Restrictive Covenant limiting its use.
What Is a Condominium? A condominium is a form of property ownership involving multiple-unit dwellings where a person owns his or her individual unit, but the common areas are owned in common. All members share in the costs and maintenance of the common areas.
Every homeowners association is governed by a master deed that establishes information about the units, common areas, bylaws and owners' rights according to state laws.The master deed provides for easements that outline the conditions in which the HOA or its management company or agent can enter a house or condo unit.
