Before buying or renting a property, especially in terms of land, buildings and apartments, it is crucial to do a background check. Ensure you have the full detailed information on the property.
Get to know the legal rights and ownership of the property, the size of the land on which construction will take place and the overall value of the building and the apartments.
It is very important to have all this information as it provides credibility of the claimed legal rights.
What is Deed of Declaration
Deed of Declaration is a legal document signed and registered according to the law. It is called Deed of Trust as well. It describes and has all the detailed information, especially regarding real estate, about ownership or legal rights of a property.
It is usually executed by the developer for occupying and conveying a certain amount of land and space, and all the constructions thereon.
Alongside the Deed of Declaration, the by-laws of the owners’ association and the plan approvals’ copies are registered.
It gives a clear indication of who is the rightful owner and who is/are entitled to the property.
The locations of the property, the building’s name as well as the layout are also indicated in the Declaration.
The document gives an in-depth description of the land on which the building is to be constructed. It also states the status of the land, whether the land is freehold or leasehold.
It has the exact number of apartments and where they are located, as well as the approximate area that the apartment has access to. It also indicates the number of rooms in each apartment, and any other information required for an apartment to be properly identified.
The common areas and shared facilities must also be included in the Declaration. This could be the swimming pool(s), lift(s), gymnasium(s), and fire fighting equipment, generator or any other shared facility as to which their use is reserved for specific apartments.
The purpose for which the property, i.e. the land, buildings, or the apartments is intended to use also has to be indicated in the Declaration as well as the value of the property.
The Purpose and Importance of Deed of Declaration
As a property owner, the Deed of Declaration is important both personally and in the eyes of the law. Here is how;
- The declaration is a requirement by the law. It is important for the law to recognize a piece of land or property and know who owns it.
- It serves as proof of the true ownership of land and property
- In cases of land and property disputes, the Declaration can be used as evidence to determine the legal rights over the property.
- For owners with large properties, it makes it easy for them to be organized and know the value of each different apartment.
- It is also a required document when it comes to passing on the ownership of the properties, e.g. in cases of inheritance or when selling/buying the property.
So is a Deed of Declaration necessary for all property owners? YES. While the Declaration contains all the details about the property, it also provides the security of ownership to the owner.