North Dakota Master Deed Declaration of Condominium
Description
Form popularity
FAQ
What is needed to create a condominium property? Condominium declaration and master deed.
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.
Among these documents is the master deed, which is required to establish a condominium. The master deed divides a single property into individually owned units, provides a master floor plan, defines common areas, and lists the rights and obligations of all unit owners. An individual unit deed is also required.
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.
Condo owners can be described as homeowners. A condo is a living residence that requires mortgage payments, taxes, and insurance.
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.
