Under the Michigan Condominium Act, what document serves as the fundamental legal instrument that creates a condominium project, defines the unit boundaries, describes the common elements, and establishes each unit owner's percentage of ownership in the common elements?
Correct Answer
A) The master deed
Under the Michigan Condominium Act (MCL 559.101 et seq.), the master deed is the foundational document that legally creates the condominium project. It must be recorded with the county register of deeds and establishes the legal existence of the condominium, defines the boundaries of each unit, describes the common elements and limited common elements, and sets forth each unit owner's undivided percentage of ownership in the common elements. No condominium can legally exist in Michigan without a recorded master deed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
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