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.
Tennessee Condominium Master Deed - Residential Condo Development
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How to fill out Condominium Master Deed - Residential Condo Development?
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FAQ
Condo owners can be described as homeowners. A condo is a living residence that requires mortgage payments, taxes, and insurance.
Condominiums are regulated by the horizontal property acts enacted in most states. The four unities characteristic of a tenancy in common are possession, interest, title, and time.
It is the purpose of the Uniform Condominium Act (UCA) (1980) to provide the needed comprehensive body of law. The character of ownership in condominiums is multiple. There is the individual unit owned by the individual buyer, and there is the common area owned jointly by all.
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.
What is needed to create a condominium property? Condominium declaration and master deed.
Tennessee Code § 66-27-101 et seq. is known as the ?Horizontal Property Act.? The Horizontal Property Act allows contractors or developers, sole owners, and co-owners of a building (the ?Declarant(s)?) to establish an HPR by expressly declaring the intent and desire to establish said HPR ?through the recordation of a ...
Traditionally, horizontal property regimes only allow for the development of condos, in which units are stacked on top of one another, but Tennessee state law has a slightly different approach.
What is horizontal property? Horizontal property refers to properties with different owners within a building. That is, it is the property that is segregated and that, therefore, each of the properties belongs exclusively to one owner. These people will also be the co-owners of common building elements.
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.