A Tennessee Condominium Master Deed is a legal document that serves as the foundation for any residential condo development project in the state of Tennessee. It outlines the ownership rights, responsibilities, and regulations for all parties involved in the condo development, including developers, unit owners, and the Condominium Association. The Master Deed typically contains important information such as the legal description of the land and individual units, the boundaries of the common areas, and the allocation of common expenses among unit owners. It may also include provisions related to the establishment and operation of the Condominium Association, rules and regulations for the use of common areas, and restrictions on the use of units. Different types of Tennessee Condominium Master Deeds can be categorized based on the project's specific nature or purpose. Some common types include: 1. Residential Condo Development: This type of Master Deed pertains to the creation of a residential condominium complex, typically consisting of multiple housing units in a single building or a collection of buildings. The Master Deed will define the rights and obligations of the individual unit owners and outline the rules for managing the common areas, such as parking lots, recreational facilities, or shared amenities. 2. Commercial Condo Development: In cases where the condos are intended for commercial use, such as office spaces, retail stores, or mixed-use buildings, a separate Commercial Condo Master Deed is created. This document will address the unique operational requirements and rules specific to commercial properties, including provisions for signage, lease agreements, and maintenance responsibilities. 3. Vacation or Resort Condo Development: This type of Master Deed is tailored for condo developments that target vacationers and provide short-term rental opportunities. The document may include additional provisions related to rental management, reservation systems, and the operation of onsite amenities like swimming pools, spas, or golf courses. Ultimately, a Tennessee Condominium Master Deed acts as a legal framework that governs the relationship between all parties involved in the development and management of a condominium project. It provides a detailed roadmap for the rights, responsibilities, and regulations that ensure a harmonious and orderly residential condo community.
Tennessee Condominium Master Deed - Residential Condo Development
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How to fill out Tennessee 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.