Real Estate Terms Dictionary
Definition of 'Condominium Declaration'
According to BusinessDictionary.com, a Condominium Declaration is "a legal document filed in the county or state in which a condominium will be located. Once filed with the appropriate public official, this document establishes existence of project and divides airspace into layers of ownership".
What is a Condominium Declaration:
A Condominium Declaration, also sometimes known as Master Deed, is a fundamental document that establishes the existence of and further governs the use and maintenance of a condominium property.
It is regulated by the Condominium Act and it includes legal descriptions of the condominium and of each individual unit, the nature and scope of the development project (when applicable),
and several provisions regarding the use of the condomonium units and common areas.
It is important to be able to have an insight into the provisions making up the Condominium Declaration before buying a property in order to make the most informed buying decision.
Here's a real-life example from one of the properties researched on PropertyShark:
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.