Virgin Islands Master Deed Declaration of Condominium
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How to fill out Master Deed Declaration Of Condominium?
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FAQ
Condo owners can be described as homeowners. A condo is a living residence that requires mortgage payments, taxes, and insurance.
A Condominium Declaration, also sometimes known as Master Deed, is a fundamental document that establishes the existence of and further governs the use and maintenance of a condominium property.
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.
Among these documents is the master deed, which is required to establish a condominium. The master deed divides a single property into individually owned units, provides a master floor plan, defines common areas, and lists the rights and obligations of all unit owners. An individual unit deed is also required.
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.
What is needed to create a condominium property? Condominium declaration and master deed.
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.