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It is recorded in the county records so that it automatically binds each person who becomes an owner of a lot or inium (meaning that it does not need to be signed by a new owner). At a minimum, the CCRs establish the authority of an owners association to control the property and collect dues.
What is a declaration of inium and why is it important?
The Declaration of inium is a legally binding document that establishes the rights, obligations, and governance structure of a inium association.
What is a declaration of inium?
A Condo Declaration is a legal document that lays out what common and private spaces were built and who owns them. It details the block and lot, address, unit number, size, square footage, common interest percentage, and limited common interests.
Is a inium declaration a contract?
Your Condo Declaration is Not a Contract Between You and the Developer. Many buyers of iniums do not understand that the Condo Association and the Developer are not the same (even though they seem to be early on in the life of the Condo Association).
What is the difference between a condo declaration and bylaws?
The declaration also spells out the specific percentage interest that each owner has in the inium. Voting and condo fee payments are based on that percentage. You should add up those percentage interests to make sure they equal 100 percent. The bylaws spell out the day-to-day operations of the association.
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An associations Declaration of Covenants, Conditions and Restrictions (declaration or CCRs) is a recorded document setting forth the majority of the powers, rights and responsibilities of the association and its members.
Related links
Delaware Uniform Common Interest Ownership Act
The declaration and bylaws must be recorded in every county in which any portion of the common interest community is located and must be indexed in the
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