Condo Documents
June 28th, 2010
There are several documents involved in condominium ownership that you may want to review before purchase. These papers should be available from the condo’s board of directors or their representative. They include:
Master deed: The key document in a condo project, the master deed establishes the project as a condominium project. It gives residents the authority to form an operating association and gives the legal descriptions of all individual units and common areas.
Bylaws: The operating rules for the condo association. Among other things, they authorize a budget to be created, the assessment of fees, the hiring of professional management staff and other operating duties.
House rules: Govern what owners can do in common areas.
Covenants, conditions and restrictions: Private restrictions on the use of project property; usually created by the developer.