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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 116818
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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When purchasing a condo is there the title and a master

Customer Question

When purchasing a condo is there the title and a master deed. I am a little confused about the dual title. Are there 2 different fees.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
There are two different deeds, one for the unit itself within the condo, then there is a deed that covers the common areas of the building that all members hold a small percentage of ownership in. So when you buy into a condo, you actually buy not just the unit but a share in the ownership of the common areas in the building. All of the condo unit owners own a percentage of the common areas as well through the master deed.

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