West Virginia Master Deed Declaration of Condominium
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How to fill out Master Deed Declaration Of Condominium?
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FAQ
A credit line deed of trust shall be, from the time it is duly recorded as required by law, security for all indebtedness or other obligations secured thereby at the time of recording and for all future advances secured thereby in an aggregate principal amount outstanding at any time not to exceed the maximum amount ...
Condo owners can be described as homeowners. A condo is a living residence that requires mortgage payments, taxes, and insurance.
Declaration of Consideration of Value (This is the monetary amount for which the property is sold. If the property is being transferred without monetary value, it must state in the declaration paragraph 'why' it is exempt from transfer tax.)
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.
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.
What is needed to create a condominium property? Condominium declaration and master deed.
The West Virginia Unit Property Act regulates the creation, operation, management, and powers of condominium associations that expressly opt to be governed by this Act. This is done by recording a declaration under the provisions of this Act in the county's recording office where the condominium is located.
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.