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Owner begin the condominium development by drafting and recording a master deed (or a declaration of condo aka declaration of horizontal property regime and covenants).
What is a condominium?
- A condominium, or simply condo, is a structure made up of a number of individually owned units surrounded by jointly owned common areas.
- Residential condominiums are frequently built as apartment complexes, but there are also "detached condominiums," which resemble single-family homes but where a community association owns and maintains the yards (gardens), hallways, building exteriors, streets, as well as any recreational facilities.
- Condominium units are owned outright, as opposed to apartments, which are leased by their occupants.
In addition, the owners of the various apartments jointly own the building's common areas, including hallways, walkways, laundry facilities, etc., as well as its shared utilities and services, like the HVAC system, elevators, and other things.
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