Master deed
| Master deed |
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Master deed is the legal instrument on the basis of which the legal title to the property is transferred and by which the condominium is created[1]. Master deed as defined by John W. Reilly is 'the principal conveyance document used by the owners of land on which condominiums are located. The master deed, together with a declaration, must generally be submitted when recording or registering the condominium pursuant to state laws'[2].
Requirements
The master deed is a key document for the establishment of condominium. It must be submitted in the office of the county recording officer. The content of a notarial deed is usually determined by the relevant state legislation covering condominium ownership[3].The master deed shall provide for separate condominium units from one or more plots of land. The deed of association for each unit shall refer to and contain the terms of the memorandum of association. The master deed acts as a constitution for the condominium association: establishes the structure of the management board and the powers of both the management board and individual members of the association's condominium-units to adopt regulations and create rules governing the use of units and architectural design. Condominiums are created by state statute. Each state has a law governing the ownership of condominiums. Although state statutes vary, condominiums are usually created on the basis of a master deed (also known as a declaration of condominium, division of condominium or declaration of covenants, conditions and restrictions (CCRs)). The interests of the condominium are established when the developer submits the master deed in the local recorder[4].
The information contained in the Master deed
The master deed shall contain the following particular[5]:
- A statement on the placement of land described in the master deed on the basis of the provisions of the condominium act
- The official title of the condominium
- A legal description of the land
- A land survey showing the improvements to be built, the common elements and the units to be sold, in sufficient detail and presented at their respective locations with dimensions
- Identification of each unit
- A description of the common elements and limited common elements, if there are any
- Percentage of undivided interests in common elements, including owners' rights
- Bylaws
- Methods of amending and supplementing the master deed
- The name and nature of the association
- The manner of allocating common expenditure
Footnotes
References
- Fields K, Fields K, (2013), Contemporary Real Estate Law, Wolters Kluwer Law & Business
- Moskowitz H, (2017), The Complete Illustrated Book of Development Definitions, Routledge
- Reilly J, (2000), The Language of Real Estate, Dearborn Real Estate
Author: Karolina Stankiewicz
