Virginia Master Deed Declaration of Condominium
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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.
Probably one of the most distinct features of condominium ownership lies in the concept of ?undivided ownership interest? of the common elements. All unit owners as members of the condominium's association share ownership of the common elements.
Condo laws are often called Horizontal property or strata title acts. Owners have Fee simple title but share common elements to which they are tenants in common.
Condo owners can be described as homeowners. A condo is a living residence that requires mortgage payments, taxes, and insurance.
Under the Virginia Condominium Act, bylaw changes require the approval of a majority of the unit owners.
Under Virginia law a purchaser of a condominium unit is afforded a 5-day period during which the purchaser may cancel the purchase contract of sale and obtain a full refund of any sums deposited in connection with the purchase contract.
Can a condominium include commercial owners? While some of the units in a common interest community must be residential or occupied for recreational purpose, commercial ownership is allowed.
What is needed to create a condominium property? Condominium declaration and master deed.
