Community Property refers to the principle under which property accumulated through the joint efforts of spouses is considered equally owned by both. This legal doctrine exists in several U.S. states and impacts how assets are divided in events such as divorce or death.
A Condominium Declaration, often referred to simply as a 'Declaration,' is a legal document that establishes a condominium. It outlines the division of property, including both individual units and common areas, and sets forth rules, regulations, and governance structures for the development.
Fractional interest refers to a way of owning real estate where the owner possesses a portion or 'fraction' of the total asset, typically involving less than complete control over the whole property. This form of ownership is common in scenarios where multiple parties share the rights and responsibilities associated with a single piece of real estate.
A Master Deed, used by condominium developers or converters, is a legal document that records the division of a property into individually owned units, includes restrictions on their use, and outlines ownership of common areas.
Minimum lot size or minimum lot area refers to the smallest parcel of land allowed for development as per zoning regulations. This concept ensures proper land use and community planning.
Partition refers to the division of real property among co-owners who hold it with undivided interests, ensuring each party receives a specific portion or the equivalent value in cases of physical impracticability.
Lines parallel to a principal meridian, marking off the land into six-mile strips known as ranges in the government rectangular survey system.
