A Deed of Conditions is a legal document forming part of the title deeds to a building or group of buildings, and lays down the detailed rights, duties and obligations of every owner within the building in relation to the common areas.
Your solicitor should have discussed your title deeds with you when you bought your property. Southside Factoring & Related Services does not hold copies of your deeds. However, you can obtain a copy from the Registers of Scotland (who charge for this service) or contact a solicitor for advice.
Your Deed identifies the common areas and provides arrangements for the management, maintenance and repair of the property, the division of costs between owners and procedures to resolve disputes.
It defines the;
- Property to which the deed relates
- Common parts
- Common charges to be met by owners
- Powers, duties and obligations of the Factor or Management Agent
- Detailed procedures for dealing with repairs and routine maintenance
- Insurance provisions that must be adhered to
- Way owners can call meetings, and how decisions at these meetings can be made and binding to all
- How payment for repair and services can be recovered
- How to resolve disputes
The main benefits of having a comprehensive Deed of Conditions can be summarised as follows:
- It ensures efficient management and effective maintenance of the building
- It protects owners’ rights to full enjoyment and use of their property
- It ensures the maintenance of individual owner’s investment in their property
The Deed of Conditions will remain in force irrespective of sales of individual flats taking place and can generally only be altered with the consent of every owner within the building to which the Deed applies.