A Deed of Conditions is a legal document which forms part of the Title Deeds to a building or a group of buildings and which lays down the detailed rights, duties, and obligations of every owner within the building in relation to the common areas.
It identifies the common areas and provides arrangements for the management and repair of the property, the division of costs between owners and procedures to resolve disputes.
This will relate to the building itself together with all ground and outbuildings as outlined in your Title Deeds:
- The common parts
- The common charges to be met by owners
- All expenses incurred in repair, improvement maintenance and renewal of common parts of the building and services
- Common insurance premiums standing charges, management fees
- The powers, duties and obligations of the factor. This includes arrangements for and conditions or appointment, setting of management fees
- The procedures for dealing with types of repair and routine maintenance. For example, when the factor can instruct repairs without consulting owners and the circumstances when owners must be consulted
- Common buildings insurance
- Owners meetings
- Arrangements for calling meetings of owners, voting procedures, decision making,
- Arrangements affecting the building
- Arrangements for recovery and payment of outstanding debts
- Provision for resolving disputes
- It provides details of methods of settling questions, disputes or differences which may arise between or among the factor and the owners