What is any instrument that creates a condominium referred to as?

What is any instrument that creates a condominium referred to as?

• A. Bylaw
• B. Declaration
• C. Master deed
• D. Lease agreement

Answer: (B)

The instrument that creates a condominium is referred to as a "declaration." This document outlines the structure and organization of the condominium, detailing aspects such as the property’s layout, the rights and responsibilities of unit owners, and the rules governing the association. It serves as the foundational document that establishes the condominium's legal existence and is crucial in defining the relationship between the individual unit owners and the common areas. In the context of condominiums, bylaws govern the internal management of the condominium association but do not create the condominium itself. The master deed typically refers to the legal document that conveys ownership of the property to the condominium association, often a part of the declaration. A lease agreement pertains to rental arrangements and does not apply to the creation of a condominium. Understanding these distinctions is key in real estate, especially when dealing with condominium ownership structures.

The instrument that creates a condominium is referred to as a "declaration." This document outlines the structure and organization of the condominium, detailing aspects such as the property’s layout, the rights and responsibilities of unit owners, and the rules governing the association. It serves as the foundational document that establishes the condominium's legal existence and is crucial in defining the relationship between the individual unit owners and the common areas.

In the context of condominiums, bylaws govern the internal management of the condominium association but do not create the condominium itself. The master deed typically refers to the legal document that conveys ownership of the property to the condominium association, often a part of the declaration. A lease agreement pertains to rental arrangements and does not apply to the creation of a condominium. Understanding these distinctions is key in real estate, especially when dealing with condominium ownership structures.