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.
Virgin Islands Condominium Master Deed - Residential Condo Development
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FAQ
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.
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. A general requirement of ownership is monthly payments to the condominium association in charge of property upkeep.
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.
The condominium association owns the land, building, and amenities, and the residents own just their individual units plus an interest in the association. This interest gives them some power over decisions that affect the entire complex, but not absolute power like they'd have if they owned the complex outright.
Unlike a condo, townhome owners typically own both the interior of the home and the exterior land it sits on, including the yard (if there is one). Townhome owners may pay HOA fees for things like maintenance of common areas and trash pickup, like condo owners do, but not necessarily.
