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Declaration of condominium
Declaration of condominium The declaration includes: 1) A legal description of the condominium units and the common elements. 2) A copy of the condominium's bylaws, drafted to govern the operation of the owners' association. 3) A survey of the property. 4) An architect's drawings, illustrating both the vertical and horizontal boundaries of each unit. 5) Any restrictive covenants controlling the rights of ownership.
RELATED TERMS--------------------------------------
Condominium
Individual ownership of a dwelling unit and an individual interest in the common areas and facilities that serve the multi-unit project.
Bylaws
The written rules governing an organization such as a homeowners association.
Survey
A property diagram that indicates legal boundaries, easements, encroachments, rights of way, improvement locations, etc.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Covenants
Agreements written into deeds and other instruments stating performance or non-performance of certain acts or noting certain uses or non-uses of property.
Ownership
The right to possess and use property to the exclusion of others.
SIMILAR TERMS--------------------------------------
Declaration of restrictions
A set of restrictions filed by a sub divider to cover an entire tract or subdivision.
Declaratory relief action
An action to have a court determine the rights of parties before a violation of rights has occurred.
Declining-balance method
An accounting method of depreciation for income-tax purposes designed to provide larger-than-straight-line deductions in the early years of a property's life, and applicable to property placed in service before 1981.
PREVIOUS AND NEXT TERMS--------------------------------------
Debt service coverage ratio (DSCR)
The annual net operating income from a property divided by annual cost of debt service. A DSCR below 1 means the property is generating insufficient cash flow to cover debt payments.
Debtor
One who owes money; a borrower, a maker of a note; a mortgagor.
Debt to income ratio
A comparison of gross income to housing and non-housing expenses.
Decedent
A deceased person, especially one who has died recently.
Deck
A roofless, floored area that adjoins a house.
Declaration of condominium
Declaration of restrictions
A set of restrictions filed by a sub divider to cover an entire tract or subdivision.
Declaratory relief action
An action to have a court determine the rights of parties before a violation of rights has occurred.
Declining-balance method
An accounting method of depreciation for income-tax purposes designed to provide larger-than-straight-line deductions in the early years of a property's life, and applicable to property placed in service before 1981.
Decreasing term assurance
A life insurance policy that pays out a lump sum in the event of death. The amount paid out can be calculated so that it fall in line with your outstanding mortgage debt – meaning that over time the borrowers premiums also fall.
Dedicate
To appropriate private property to public ownership for a public use
This dictionary contains 6433 terms. |
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