Which document defines the portions owned by individuals and those owned by the association and provides the framework for funding via assessments?

Which document defines the portions owned by individuals and those owned by the association and provides the framework for funding via assessments?

• A. Bylaws
• B. Articles of incorporation
• C. Master deed
• D. Declaration

Answer: (D)

Ownership boundaries and how the association is funded are defined in the declaration. This document spells out which portions of the property are privately owned by individual homeowners (the units) and which portions are owned by the association as common areas, and it provides the authority and framework for levying assessments to fund maintenance, reserves, and operations. Bylaws govern governance and procedures, articles establish the corporate entity, and a master deed describes the property and unit boundaries in some jurisdictions but does not alone carry the full funding framework found in the declaration.

Ownership boundaries and how the association is funded are defined in the declaration. This document spells out which portions of the property are privately owned by individual homeowners (the units) and which portions are owned by the association as common areas, and it provides the authority and framework for levying assessments to fund maintenance, reserves, and operations. Bylaws govern governance and procedures, articles establish the corporate entity, and a master deed describes the property and unit boundaries in some jurisdictions but does not alone carry the full funding framework found in the declaration.