Washington Master Deed for Plan of Ownership for Condominium with Multiple Residential Buildings
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How to fill out Master Deed For Plan Of Ownership For Condominium With Multiple Residential Buildings?
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FAQ
Generally, a condominium is an estate in real property ownership representing a combination of a separate or exclusive ownership in the condominium unit and the undivided ownership interest in common with others in the common elements.
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.
Like other common elements, a limited common element is owned jointly by all of the unit owners (in a condominium) or by an organization of which all the unit owners are members (in a planned community or cooperative).
Unlike apartments, which are leased by their tenants, in most systems condominium units are owned outright, and the owners of the individual units also collectively own the common areas of the property, such as the exterior of the building, roof, corridors/hallways, walkways, and laundry rooms, as well as common ...
Condominiumization is a method of dividing a parcel into a condominium property regime (CPR) allowing independent ownership of each area section or ?condo?.
Condominium conversions turn rental units into an individually owned condominium (also called condo, for short). Additionally, the condominium conversion means renters who become owners share common areas, like fitness facilities, garages, and pools or parks.
The Common Elements are owned collectively by all of the Unit owners. Each Unit is assigned a percentage ownership interest in the Common Elements. These Percentage Interests are established in the Condominium Declaration.
A condominium owner actually owns: a fee simple interest in an airspace and tenancy in common interest in a share of common elements.