A developer in Beaufort County, South Carolina wants to create a condominium project. Under the South Carolina Horizontal Property Act, which document is the foundational instrument that must be recorded to legally establish the condominium regime?
Correct Answer
B) The master deed, also known as the horizontal property regime
Under the South Carolina Horizontal Property Act (S.C. Code Ann. §§ 27-31-10 et seq.), the foundational document that creates a condominium regime is the master deed (also referred to as the master deed establishing the horizontal property regime). The master deed must be recorded in the county where the property is located and must describe the property, the individual units, the common elements, and each unit's percentage of undivided interest in the common elements. Without a recorded master deed, the condominium legally does not exist as a horizontal property regime.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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