master deed

master deed

A document used by condominium developers to record the project;its division into condominium ownership;and the grant of common areas to the condominium owners.Also called the declarations,the condominium declaration,or the declaration of condominium.(Do not confuse with master's deed.)

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A Master Deed will be recorded in the Somerset County Clerk's Office, setting forth the model types, areas, dimension and amenities available within the community.
Joseph Gaied of Holliston bought four units, and was looking to buy more because acquiring 75 percent of the building would land him the master deed.
amended by a master deed of amendment dated 28 November 2007 and
purchasers with this assurance by drawing up a master deed, a recorded
Apartment owners often do not realize that their master deed may leave them liable for any damage to the interior portions of their units or building common areas.
Despite the premium level, the trial court found the agent negligent for failing to obtain and analyze a copy of the condominium master deed to determine the amount of dwelling coverage the insured needed.
Under the terms of the settlement, the properties' Master Deed and related legal documents will be modified to include formal notification to anyone considering purchase of a Wormwood residential unit.
Furthermore, many condo and co-op owners do not realize that, under a master deed, they may be responsible for covering the cost of damage to the interior portions of their unit: kitchen cabinetry, appliances, bathroom fixtures, flooring, interior walls, ceilings, windows, exterior doors and electrical, plumbing and HVAC systems.
McCabe explained that while many condo and co-op owners tend to focus on insuring their furnishings and other personal belongings, they should also be concerned about their responsibility under a master deed to pay for repairing damage to interior portions of their units.