A condominium building has several individual units within the building that are individually owned.
When a developer plans to divide a plot of land into condominium units, a master deed must be prepared and registered with the appropriate government agency in the jurisdiction where the land is located. This deed will indicate the division of the property into distinct units, as well as indicate where the common areas in the proposed development will be. As with all deeds, any restrictions on the use of the property are also usually indicated in the master deed.
A condominium development is a building that has several individual sub-units within the building that are individually owned. The common areas, along with key systems such as heating and air, are jointly owned by the owners of the individual units. While each individual owner of a unit receives a deed of ownership for their unit, a master deed must be filed for general development before the first individual unit is sold as a rule.
Like any other deed, a master deed will describe the property by both the legal description and the commonly known address. Unlike other scriptures, however, this action will explain how the property is to be divided into individual units. For example, if the project has 100 separate units, the master deed will reflect this.
In addition to designating how many separate units the condominium project will have, the deed also indicates where the common areas will be and legally grants ownership of those areas to individual owners. Common areas often include walkways, hallways, parking lots, as well as grassy areas, laundry and pool areas. These areas are generally maintained by the condominium association, which is made up of all individual owners. In addition, the main systems, such as heating and cooling, are the responsibility of the condominium association. In most cases, individual owners must pay a monthly fee for maintenance and upkeep of common areas.