In New York, what document establishes the legal framework for a condominium development and must be filed with the county clerk?
Correct Answer
A) The declaration of condominium and bylaws
Under New York Real Property Law Article 9-B, the declaration of condominium (also called the master deed) and bylaws are the fundamental documents that must be filed with the county clerk to legally establish a condominium. The declaration creates the condominium regime and defines the units and common elements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A deed is a written legal document that conveys (transfers) ownership of real property from one party to another. It must be delivered to and accepted by the grantee to be effective.
For a deed to be valid, it must contain several essential elements including a competent grantor, identifiable grantee, consideration, legal description, granting clause, signature of the grantor, and delivery and acceptance.
Escrow is an arrangement in which a neutral third party holds documents, funds, or other items on behalf of the buyer and seller until all conditions of the transaction are met.
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- → David's condominium unit in Albany suffers water damage from a burst pipe in the common area. Under typical New York condominium arrangements, who is responsible for repairs to David's unit interior?
- → Under New York's recording system, what happens when two deeds for the same property are recorded on the same day?
- → Lisa owns a condominium unit and wants to rent it to tenants. The condominium bylaws contain restrictions on rentals. Under New York law, what is the general rule regarding an owner's right to rent their condominium unit?
- → Sarah purchases a condominium unit in Manhattan. As a New York condominium owner, what type of property interest does she hold in the unit itself?
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Michael owns a condominium unit in Brooklyn and wants to sell it to his nephew for below market value. The condominium board objects to the sale. Under New York condominium law, what authority does the board have regarding this transaction?
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Jennifer defaults on her condominium maintenance payments in Queens. The condominium association wants to collect the unpaid fees. Under New York law, what remedy is available to the association?