A master deed must be prepared and registered when a developer plans to divide a parcel of land into condominium units, indicating the division of the property, common areas, and any restrictions on use. The deed legally grants ownership of common areas to individual owners, who are responsible for their upkeep through a condominium association.
When a developer plans to divide a parcel of land into condominium units, a master deed must be prepared and registered with the appropriate government office in the jurisdiction where the land is located. This deed will show the division of the property into separate units, and will indicate where the common areas will be in the proposed development. As with all deeds, any restrictions on the use of the property are also generally noted in the master deed.
A condominium development is a building that has several individual sub-units within the building that are individually owned. Common areas, along with major systems like heat and air, are jointly owned by the individual unit owners. Although each individual unit owner will receive a title deed to the unit from him, a master deed must be filed for general development before the first individual unit is sold as a rule.
Like any other deed, a master deed will describe the property by both the legal description and the commonly known address. Unlike other deeds, however, this deed will explain how the property will be divided into individual units. For example, if the project has 100 separate units, the master deed will reflect that.
In addition to designating how many detached units the condominium project will have, the master deed also indicates where the common areas will be and legally grants ownership of those areas to individual owners. Common areas generally include hallways, hallways, parking lots, as well as grassy areas, laundry facilities, and pool areas. These areas are generally maintained by the condominium association, which is made up of all individual owners. Also, major systems like heating and cooling are the responsibility of the condominium association. In most cases, individual owners are required to pay a monthly fee for upkeep and upkeep of common areas.
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