Texas Master Deed for Plan of Ownership for Condominium with Multiple Residential Buildings
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How to fill out Master Deed For Plan Of Ownership For Condominium With Multiple Residential Buildings?
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FAQ
What best describes ownership of a condominium? An owner of a condominium holds title to his airspace in fee simple. Air space refers to what is exclusively owned and common areas are what is shared in ownership. Tenants in common is a description of co-ownership.
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, or condo, is an individually owned unit in a complex or building of units. 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.
HRAP stands for HUD Review Approval Process. This is where FHA itself approves a complex based on the package sent in by the condo's governing body, usually the homeowner's association or management company. The other type of approval is called DELRAP, or Direct Endorsed Lender Review Approval Process.
Generally, a condominium is an estate in real property ownership representing a combination of a separate or exclusive ownership in the condominium unit and the undivided ownership interest in common with others in the common elements.
The individual unit owners in a condominium own these common elements together as tenants in common. State law usually limits this relationship among unit owners in that there is no right to partition. The condominium form of ownership is usually used for apartment buildings.
A condominium (also called a "condo") is a large property complex comprised of individual units, and each unit is owned separately. Ownership usually includes a nonexclusive interest in certain "community property" controlled by the condominium management.
The Texas Uniform Condominium Act, Tex. Prop. Code §§ 82.001 et seq. governs all commercial, industrial, residential, and other condominiums created after January 1, 1994.