Property Ownership
Under the Virginia Condominium Act, what document describes the condominium project, individual units, and common elements?
AThe Master Deed and Declaration✓ Correct
BThe condominium bylaws
CThe annual budget
DThe HOA meeting minutes
Explanation
The condominium declaration (also called the master deed) is the primary governing document that creates the condominium, describes units and common elements, and establishes ownership percentages.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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