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.
Washington Condominium Master Deed - Residential Condo Development
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FAQ
The DC Condo Act of 1974 is the District level legal compass for association governance and affairs. This Act establishes parameters for practices and creates guidelines and rules for how associations and cooperatives operate in Washington DC.
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.
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.
What is needed to create a condominium property? Condominium declaration and master deed.
The Condominium Act amendments also establish a Condominium Association Advisory Council to advise the Washington, D.C. government on matters relating to condominiums in the District of Columbia.
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.
(1) Each apartment owner shall be entitled to an undivided interest in the common areas and facilities in the percentage expressed in the declaration. Such percentage shall be computed by taking as a basis the value of the apartment in relation to the value of the property.
