Virginia Code 55.1-2008: Master deed or lease; recordation; particulars.
A master deed or lease shall be recorded in the same manner and subject to the same provisions of law as are other deeds, provided that no state or local recordation tax upon the value of the property transferred shall apply to any such deed recorded solely for the purpose of complying with the provisions of § 55.1-2003.
Terms Used In Virginia Code 55.1-2008
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
The master deed or lease required pursuant to § 55.1-2003 shall include the following particulars:
1. The description of the land, whether leased or in fee simple, and the building, expressing their respective areas;
2. The general description and the number of each apartment, expressing its area, location, and any other data necessary for its identification;
3. The description of the general common elements of the building; and
4. The provisions requiring the council of co-owners to maintain insurance on the horizontal property regime.
1962, c. 627, § 7, § 55-79.7; 1966, c. 683; 1973, c. 375; 2019, c. 712.