Posted on: 23 July 2017
When you purchase a condo, the deed process is a little different than with a home. You are given a specific condo deed that shows the floor plans and dimensions of your particular unit. You are also given a master deed that spells out all of your different types of property rights to your specific unit and to the building in general. Master deeds contain three different elements of ownership: common elements, limited common elements, and unit-specific elements.
#1 Common Elements
One of the first things that your master deed should spell out in specific legal terms are the common elements of the building that all owners of a condo have access to. These are areas of the building that are not restricted based on ownership, and that everyone should have equal access to at all times.
These include such spaces as the lobby to your building as well as the building elevators, staircases, and hallways. These should be spaces that everyone has equal access to at all times and that is not really restricted in any way to any particular condo owner.
#2 Limited Common Elements
Second, the master deed should also let you know what areas are limited common elements. That means that these are areas that all condo owners may have access to, but with some limitations. Perhaps the condo has a parking lot where each owner has access to two spaces, but the spaces are not assigned; that would be a limited common element. Or perhaps there is a conference room that members can use if they reserve it in advance; that is an area that everyone can use, within reason and with some limitations.
Other limited common elements that should be covered in the master deed section under limited common elements is the percentage of interest that each owner has in the condominium association. This is important as it affects voting and condominium fees. The overall total should of these percentages should equal 100%.
#3 Unit Specific Elements
Finally, the master deed should clearly spell out everything that is unit-specific and exclusively owned by you. This would, of course, include your actual condo. However, it may include additional elements, such as a storage unit on site that is specifically assigned to your unit. If your condo has assigned parking, the master deed should specify what parking space belongs to you. If there is specifically assigned outdoor areas, these should be covered as well.
Your master deed should make it very clear what areas of the condo are owned exclusively by you, are shared with everyone or are shared with some limitations by everyone. Contact a realtor that can help you find single family homes for sale for more information and assistance.Share