The District of Columbia Master Deed Declaration of Condominium is a legal document that serves as the foundation for the establishment and operation of a condominium project in the District of Columbia. It outlines the rights, responsibilities, and obligations of the unit owners and the management or governing body of the condominium. The Master Deed Declaration of Condominium provides a detailed description of the property, including the legal boundaries, common areas, and individual units within the project. It also specifies the percentage of ownership interest each unit owner holds and defines their exclusive use and possession rights. This essential document includes provisions regarding the governance and management structure of the condominium association. It outlines the powers and duties of the association's board of directors, the election and removal procedures for the board members, and the process for conducting meetings and making decisions that affect the community. In addition, the Master Deed Declaration of Condominium explains the rules and regulations that unit owners must abide by. It addresses matters such as pet policies, noise restrictions, maintenance responsibilities, insurance requirements, and the enforcement mechanisms in place to ensure compliance with the rules. Furthermore, the District of Columbia Master Deed Declaration of Condominium may include provisions related to common expenses and assessments. It details the financial obligations of the unit owners, such as monthly or annual assessments, special assessments for repairs or improvements, and the allocation of common expenses among the unit owners. Multiple types of District of Columbia Master Deed Declaration of Condominium may exist, depending on the nature of the project or the specific requirements set by the developer or the governing authorities. Some common variations or types include: 1. Residential Condominium: This type of Master Deed Declaration of Condominium is typically used for buildings or complexes consisting of residential units, such as apartments or townhouses. 2. Commercial Condominium: This variation applies to condominium projects primarily composed of commercial or office spaces, allowing owners to hold ownership interests in specific units within a larger commercial building or complex. 3. Mixed-Use Condominium: In cases where a condominium project comprises a combination of residential, commercial, and possibly even retail or recreational spaces, a mixed-use Master Deed Declaration of Condominium is utilized to address the unique needs and regulations associated with various unit types. These different types of Master Deed Declaration of Condominium cater to the diverse needs of property developers, owners, and businesses, reflecting the varied nature of real estate projects in the District of Columbia.
District of Columbia Master Deed Declaration of Condominium
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The Act was amended to provide that a non-judicial foreclosure may not be held until at least 31 days following recordation of a Notice of Foreclosure in land records, as well as the already-required delivery of a foreclosure Notice to the owner.
In Washington DC, the review period for condo documents is 3 business days. This built in review period gives the condo or home buyer the opportunity to examine the health of the organization they will be joining. governed by the District of Columbia Condominium Act.
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.
Condo owners can be described as homeowners. A condo is a living residence that requires mortgage payments, taxes, and insurance.
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.
(2) A unit owner shall have the right to cure any default in payment of an assessment at any time prior to the foreclosure sale by tendering payment in full of past due assessments, plus any late charge or interest due and reasonable attorney's fees and costs incurred in connection with the enforcement of the lien for ...
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.
What is needed to create a condominium property? Condominium declaration and master deed.