What is a Condo Declaration?

A Condo Declaration is a legal document that lays out what common and private spaces were built and who owns them. It details the block and lot, address, unit number, size, square footage, common interest percentage, and limited common interests.

The condo dec (as it is called) also describes the common elements of the building, such as the lobby and outdoor areas, as well as limited common elements, including balconies, terraces, and patios. Easements are also included. They give residents the ability to pass through the building and other rights.

Finally, the condo dec includes a number of important schedules:

Description of the Land

Unit Schedule

Bylaws & House Rules

The Bylaws and House Rules set forth the rules for the operation of the condo board, how unit owners vote, how the building is maintained, how common charges are applied, how the finances of the building are managed, as well as other important operational matters like the handling of insurance and indemnification.

Condo Dec versus Offering Plan

The condo dec explains how the building will be operated when control is transferred from the developer to the condo owners. It follows the offering plan.

The offering plan is a disclosure document that guides the sales process. It explains what events must take place for control of the apartment to shift from developer to buyer. The condo dec is forward-looking, describing the operations of the building over the life of the condo.

Condo dec amendments update the previously submitted document with any changes that may have occurred. If units were acquired and combined by a purchaser, the amended condo dec will update the unit count as well as the size and common interest of the combined units.

Searching for a Condo More Easily

Offering plans and condo decs are so long and complicated that generally only lawyers, regulators, and tax authorities read them. That is why Marketproof’s software extracts the paperwork’s essential information, including prices, unit numbers, floor plans, and square footage. Marketproof combines this information with real estate listings, news stories, and other sources to provide the most complete view of real estate inventory available.

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Sample Condo Declaration Table of Contents

Sample Condo Declaration
Condo-Declaration

Link to the condo declaration shown above:
https://blocksandlots.com/wp-content/uploads/2020/11/Condo-Declaration.pdf

For further reading see:
https://www.nysenate.gov/legislation/laws/RPP/339-N

Top image courtesy of Charlie West.