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Terms Used In 21 Guam Code Ann. § 45103

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • 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
Whenever the sole owner or sole lessee or all of the owners or all of the lessees of a property expressly declare, through the execution and recordation of a master deed or lease, together with a declaration, which declaration shall set forth the particulars enumerated by § 45111, his or their desire to submit the property to the regime established by this Chapter, there shall thereby be established a horizontal property regime with respect to the property, and this Chapter shall be applicable to the property. If the master deed or lease is already recorded, the recordation of the declaration is sufficient to achieve the same result.
SOURCE: CC ‘1272.

COL070307
21 Guam Code Ann. REAL PROPERTY
CH. 45 HORIZONTAL PROPERTY ACT

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