Master Deed

Hi Joe! Thank you for contacting us!
Once established by the developer, the master deed primarily outlines the condominium's property details, including individual units and common areas. After the developer hands over control to the condominium association, the association usually becomes responsible for any changes to the master deed.

Changes to the master deed typically require a legal process that includes a vote by the association members as per the rules outlined in the original master deed and the association's bylaws. The developer must formally document the transfer of any remaining lots or units to the association. This often involves legal documentation indicating the developer's departure and transfer of control.

This documentation should be in writing and appropriately filed with the local government or housing authority to ensure that all records are updated and the transfer is legally recognized.

I hope this clarifies the process for you!

Hello Donald! 

Thank you for getting in touch with us!

Refinancing your condo is always a great idea to get a lower interest rate or change your loan term. However, there are cases when refinancing is almost impossible. For instance, if your condo qualifies as a fractional or segmented ownership project or belongs to units with split-ownership arrangements.

Every bank establishes its loan policy differently. But it might be a good idea to shop around and check whether other lenders can offer you more competitive terms.

Our safest bet would be for you to contact a licensed real estate attorney or mortgage specialist to see how a master deed can influence your condo refinancing plans.

Hello Cindy, thank you for reaching out to us!

The Master Deed, or Condominium Declaration, defines and governs the Condominium Association (similar to a homeowner association.) The collection of covenants determines the units and represents the percentage of ownership interests.
The Master Deed articles may differ from state to state. For this reason, we recommend contacting a real estate attorney. With all that said, it is a common practice for incorporations, corporations, and companies to own to hold a master deed to a condo. Note that entity-owned condominium units may be banned from submitting a candidate for the board of directors as condominium ruling documents often limit board representative eligibility, and only actual unit owners can join.

Hey Frandisco! Thank you for reaching out to us. While the master deed may not be the document most homeowners pay attention to when purchasing a condo or unit, it is the most important. What you have to be aware of is that while the master deed of the entire development should be made available to owners for examination, there is also the master deed of each individual unit that you should have received at the closing of the purchase. In case this did not happen, you have every right to request it from the HOA or the developer. In case they can not provide it for you the Town Hall should have a copy as it is a legal document. The tax assessor should also be able to help as they must have a copy of it. Hope this helps and best of luck!

Hello Smith! The master deed is also known as the condominium declaration or the declaration of condominium. This document is used by condominium developers to record projects and set what is considered part of the unit and what is “common area”. Also, the master deed includes a list of “rights and obligations” for the unit owners as well as a master floor plan.

Hi, Connie! Yes, the master deed must be recorded with the local registry of deeds. It's the only way to tell authorities what is considered common area and what is part of a unit or condo. Keep in mind that condos are also subject to property taxes later, so the assessor and the appraiser will need to know the gross living area of each condo in order to make the right calculations.