A master deed conveys ownership of common areas such as private roadways and egresses to an incorporated organization (in this case EMPOA) comprised of individual landowners who's property falls within the mapped area of that master deed. Individual lots within that area may be bought and sold as normal but ownership of one of these individual lots will also entitle the owner to a partial ownership of the master deed (common areas). In TN (state laws differ) the organization which owns the master deed is not only entitled to levy dues and restrictive covenants but is also required to bear the financial responsibility of maintaining these common areas and the functions recorded within their bylaws (i.e. paving, administrative, postage & legal costs).
Upon transfer of a master deed from the initial developer to the HOA, the developer is entitled to compensation for the appraised cost of common areas and roadways....
