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.
Missouri Condominium Master Deed - Residential Condo Development
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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.
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.
A condominium is a form of ownership, not a type of building. Existing apartment buildings can be turned or "converted" into condominiums, and condominiums can be changed back into traditional apartment buildings.
A condo owner owns the space inside their condo and shares ownership interest in the community property, such as the floor, stairwells, and exterior areas. A general requirement of ownership is monthly payments to the condominium association in charge of property upkeep.
Apartment buildings typically have one sole proprietor, whereas condominiums are collectively owned by a group of tenants. Subsequently, this means that most apartment inhabitants are provided with the same benefits and rental rates as those in their neighboring units.