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 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
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Sample Condo Declaration Table of Contents
Sample Condo DeclarationCondo-Declaration
Link to the condo declaration shown above:
For further reading see:
Top image courtesy of Charlie West.