Before you finalize your purchase. There are two major condominium governing documents that all buyers need to review with the assistance of experienced real estate professionals and attorneys. The Master deed/By- laws document and the rules and regulations documents

Master Deed

The Master Deed is the foundational legal document and legal description of your condominium community that is registered with the state. The documents describe and establish the legal rights, responsibilities and restrictions of the unit owners, condominium association, and property developer: architectural, legal, financial, governance, usage, easements and maintenance stipulations are enshrined as policy in this document. They are to be adhered to by all parties concerned. Items usually included in the Master Deed and its amendments are:

• The units, buildings and land used for the condominium

• What is considered common elements and limited common elements

• Each unit’s undivided interest, the proportions of expenses you’re responsible for in the event of the need for a special assessment

• Who is considered a member of the associations along with their rights and responsibilities.

• The responsibility of the condominium associations

• What are considered to be common expenses and the financial responsibility of unit owners

• The maintenance responsibilities of both individual unit owners and the condominium as a whole

• Various easements and access rights to units when necessary

• Any number of legal remedies for non-compliance by individuals regarding the tenants set forth in the master deed

• Covenants, conditions, and restrictions, These are things or activities that are not allow or restricted by use polices set forth in the Master deed. These restrictions also require a super majority vote to be changed if so desired.

Note: Any changes to the Master Deed that are permissible by law usually have approved by a super majority of condominium members

By-Laws

By-laws are an amendment to master deed that usually spells out how the condominium board will govern the association in the affairs of administration, financial, and facilities management. Such as:

• Who has voting rights and how many votes based on unit size sometimes

• Number and types of meeting per year and what constitutes a quorum

• How voting of various issues will be conducted

• How many board members will be elected, how often are elections, who is qualified to run, and their length of term apron elected to the board.

• The duties and responsibilities of elected officers are defined

• The general power and responsibilities of the board to manage the administrative, fiscal, and maintenance affairs of the associations are clearly defined in scope and detail

• How are the funds of the associations determined, managed, protected, and audited as required by sound financial practices.

Note: Any changes to the By-laws that are permissible by law usually have to be approved by a super majority of condominium members

Rules and Regulations

Rules and regulations are refinements and additions to polices and stipulations set forth in the Master Deed and by-laws documents. What sets them apart from those documents is that they can be made, amended or eliminated by the association board without a vote from the general membership. Over time activities and issues arise in a community that need to addressed and regulated by the association board. Depending on the Design of a condominium anything and everything you can do in your condominium might be covered by some rule or regulation.

Typical rules and regulations are:

• Rental and leasing policies

• Parking, towing rules and regulations, permitted vehicles

• Pet policies

• Pool regulations

• Guest policies

• appearance, paint, maintenance and time restrictions

• Use of decks, patios, landings, storage closets, etc.

• Anything you use or do inside or outside of your unit could be addressed by a rule or regulation

Lessons Learned: Do your homework, get copies of these documents and review them properly. Many times, buyers find out after the sale that something they want to do or have is not permissible in their community