(a) A horizontal property regime may be created under this chapter only by recording a master deed executed in the same manner as a deed by all persons who have an interest in the real property that will be conveyed to an owner of an apartment or unit and by every lessor of a lease of an interest in real property that will be subject to the master deed, the expiration or termination of which will terminate the horizontal property regime or reduce the size of a horizontal property regime.
(b) A master deed shall be recorded in each county in which any portion of the real property that is subject to the horizontal property regime is located stating the particulars enumerated in § 18-13-104, and thereafter shall be established a horizontal property regime.
(c) An apartment or unit in an existing horizontal property regime may be further lawfully subdivided into subordinate subunits by the recordation of one (1) or more additional subordinate master deeds that:(1) Comply with the requirements of this chapter; and(2) Are permitted in the master deed or are pursuant to any rights reserved in favor of the declarant under the master deed or this chapter.
(1) Comply with the requirements of this chapter; and
(2) Are permitted in the master deed or are pursuant to any rights reserved in favor of the declarant under the master deed or this chapter.
(d) (1) If a contract for the sale of a condominium ownership interest contains the legend described in subdivision (d)(3) of this section, a declarant may, according to the contractual provisions, use a deposit or down payment for the acquisition of an apartment or unit upon the commencement of construction of the structure of the condominium property in which the purchaser's apartment or unit will be located and use the deposit or down payment in the actual construction and development of the condominium property.(2) The declarant shall not use the deposit or down payment described under subdivision (d)(1) of this section for:(A) Advertising purposes; or(B) The salary, commission, or expenses of an agent.(3) A contract that permits withdrawals of a deposit or down payment for the purposes described in subdivision (d)(1) of this section shall include the following legend conspicuously printed or stamped in boldface type, on the first page of the contract and immediately above the signature of the purchaser:“Purchaser acknowledges that, under this contract, the seller may withdraw and then use for construction and development of the condominium property a deposit or down payment that the purchaser makes before closing.”.
(1) If a contract for the sale of a condominium ownership interest contains the legend described in subdivision (d)(3) of this section, a declarant may, according to the contractual provisions, use a deposit or down payment for the acquisition of an apartment or unit upon the commencement of construction of the structure of the condominium property in which the purchaser's apartment or unit will be located and use the deposit or down payment in the actual construction and development of the condominium property.
(2) The declarant shall not use the deposit or down payment described under subdivision (d)(1) of this section for:(A) Advertising purposes; or(B) The salary, commission, or expenses of an agent.
(A) Advertising purposes; or
(B) The salary, commission, or expenses of an agent.
(3) A contract that permits withdrawals of a deposit or down payment for the purposes described in subdivision (d)(1) of this section shall include the following legend conspicuously printed or stamped in boldface type, on the first page of the contract and immediately above the signature of the purchaser:
“Purchaser acknowledges that, under this contract, the seller may withdraw and then use for construction and development of the condominium property a deposit or down payment that the purchaser makes before closing.”.