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.
Virginia Condominium Master Deed - Residential Condo Development
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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.
Landominium refers to a unit, built as part of a residential development, whose owner owns both the unit and the land on which it is built. It is a portmanteau of "land" and "condominium."
This could include structural damage, plumbing problems, electrical issues, water damage, mold growth, and other hidden hazards. It's important to thoroughly inspect any potential property before purchase to ensure it meets your needs and expectations.
Cons of Condominium Ownership You may not be able to decide when maintenance and repairs get done. You may have to pay for amenities that you might never or rarely use. Less privacy in some condominium units and possibly more noise. Possibility of special assessment charges for unexpected repairs.
A condominium owner actually owns: a fee simple interest in an airspace and tenancy in common interest in a share of common elements. When a joint tenant dies, what happens to the tenant's interest in the estate? It passes to the surviving joint tenants.
Under the Virginia Condominium Act, bylaw changes require the approval of a majority of the unit owners.
The individual units normally share walls, but that isn't a requirement. The main difference between condos and regular single homes is that there is no individual ownership of a plot of land. All the land in the condominium project is owned in common by all the homeowners.
Declarant (owner who develops or converts property) must register with the Board (submit an application and Public Offering Statement) and record (locally) time share instruments (includes name and location of time share development), form and duration of time share periods (use or ownership), any common expenses, any ...
