0
Any sample deed of sale will necessarily be edited, modified and amended, based on your governing documents.
Your local realtor can help you develop a deed of sale that will be legal for your purposes.
AnswerYou should consult with an attorney who specializes in real estate law if you need to execute a deed. Deeds should always be drafted by a legal professional. If you only want to see what a condominium deed looks like you should visit your local land records office where you could look up recent transfers of condominium units in your area.
Add your answer:
Earn +20 pts
Who signs real estate papers for the sale of a house?
Any one with an interest in the property, the seller, signs the deed unless it is a unit deed in a condominium. In that case, the seller and buyer sign the deed. The buyer signs the purchase money mortgage.
Can a condo unit be sold before a declaration of condominium is filed?
Personally, I would not buy a condominium unless my review of the complete declaration was finished. Otherwise, you (and I) have zero idea about the community you're (I'm) buying into. Whether or not it can be sold may be a local legal issue. See your state condominium statute.
Can a unit owner add a window to their unit-not a replacement but totally new?
That depends on the rules and regulations of the condominium. You need to check the Master Deed and the Condominium Trust.
Does the Master Deed take precident over the Master Plan and Unit Deed?
Wording in condominium lease contract says the master deed takes precedent over all underlining documents. The master plan and unit deed are based off this document.
Does the Declaration of ownership extend beyond the sale of the Condominium units?
Once you purchase a condominium unit, whether you are its first owner or subsequent owner, the condominium declarations will always be in force.
What is a master deed?
A Master Deed is the instrument that is used by a condominium developer (sponsor) to convert a single property to a scheme of individually owned units in multi-unit buildings that share an ownership in common areas. All unit owners and sponsors must follow the provisions, rules and regulations set forth in the Master Deed. The Master Deed is subject to statutory provisions and reflects the condominium laws in each state.
How much do you own in your condo?
Condominium ownership is governed according to provisions of laws that govern ownership of real property and state condominium law.Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. The limits of each unit are set forth in the Master Deed as well as any other additional property where use is exclusive to the unit such as parking, balcony, patio, storage, etc. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property, amenities and common areas of the condominium such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas.By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law which allows promulgation of rules and regulations and assessing of monthly maintenance fees and special assessments, the ownership of a condominium unit is considered a fee simple estate.
Do you own land when you own a condominium?
You don't own any particular plot of land as an individual. You own a percentage interest in all the land in the condominium project along with all the other unit owners. That percentage is recited in the deed for each unit. You own a shared interest in the common areas and that includes the land.Generally, a condominium is a distinct form of ownership in the U. S. (and other countries) whereby an individual owns a unit and shares joint ownership of the common areas with the other unit owners, which includes the land. In addition to owning your own unit of a condominium building in fee, you would also be part owner of the land upon which the condominium is constructed.For example, a typical Massachusetts condominium deed would state: "Unit #2 of the Old Mill River Condominium together with a .05% interest in the common areas and facilities." That owner would own a .05% fee interest in the common areas along with the land encompassed by the condominium project. Similar language is used in other jurisdictions.For a discussion of what you own when you own a condo unit in the State of Washington see the following:http://www.ticorblog.com/blog/condo-or-co-op-whats-the-difference/See also the following related question discussing the difference between condominium units and townhouse units:Does_a_townhouse_own_the_land_beneath_it_whereas_a_condominium_owners_own_only_the_unit_plus_a_part_of_shared_common_grounds_and_amenities
What is the difference between a condominium unit and a condominium phase?
A condominium unit is a single unit in a condominium project, whether residential or commercial. A condominium phase is a development period, during which a developer builds, finishes and/or sells a set or collection of condominium units.
Do boundary lines on condo divided land have any legal significance regarding liability?
Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries of your unit or that emanates from your unit such as a burst pipe in your bathroom that damages the ceiling of the unit beneath yours.The condominium association must maintain insurance for the common areas and that is paid through common expense assessments imposed on all unit owners.Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries of your unit or that emanates from your unit such as a burst pipe in your bathroom that damages the ceiling of the unit beneath yours.The condominium association must maintain insurance for the common areas and that is paid through common expense assessments imposed on all unit owners.Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries of your unit or that emanates from your unit such as a burst pipe in your bathroom that damages the ceiling of the unit beneath yours.The condominium association must maintain insurance for the common areas and that is paid through common expense assessments imposed on all unit owners.Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries of your unit or that emanates from your unit such as a burst pipe in your bathroom that damages the ceiling of the unit beneath yours.The condominium association must maintain insurance for the common areas and that is paid through common expense assessments imposed on all unit owners.
Can a condominium board deny your right to sell your condo and buy it themselves?
Yes. It is common for a Master Deed or Trust of a condominium to reserve the right of first refusal when any owner decides to sell their unit. That means the board must be given first priority to purchase the unit. Read through your copy of the Master Deed and Trust looking for any "right of first refusal language".
What is condo unit?
A condominium unit is the space available for ownership as defined by the land-use documents for the condominium association filed in the local court house. The unit may be defined as land, moorage, a townhouse, a suite, an apartment, a single family dwelling, part of a duplex or other enclosed area for which an owner holds a deed.
