Real Estate Terms Dictionary
Declaration of Development Rights
Definition of 'Declaration of Development Rights'
The Declaration of Development Rights is a document governed by The Common Interest Ownership Act (CIOA). The declaration specifies the rights that people who create condominiums have with respect to changes brought to the land, units or common elements.
What is a Declaration of Development Rights:
CIOA requires condominium developers (declarants) to include in the declaration a description of the development rights that they reserve and also a legal description of the real property to which the rights apply. Any other conditions and limitations concerning the development rights should also be included in the declaration.
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.