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2001 SESSION

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SB 1423 Property Owners' Association Act; transfer of declarant control.

Introduced by: Benjamin J. Lambert III | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Property Owners’ Association Act; transfer of declarant control; disclosure packet. Limits the period of developer control of a property owner’s association to the point at which three-fourths of the lots, as designated in the plan for development filed with the locality, have been conveyed as improved lots to owners in the association. In addition, the bill also requires (i) the developer, upon transfer of control to the association, to provide the association with a copy of the latest approved plans showing the portion of the development that are lots and common area, (ii) the association to maintain a map of the development showing the portions of the development that are lots and portions that are common area, and (iii) the disclosure statement to include either a statement or a clear reference to provisions in the declaration setting forth certain information regarding the transfer plan. The bill further clarifies that a current lot owner shall be entitled to assert as an affirmative defense that the required disclosure of any limitations pertaining to the display of flags or any flagpole or similar structure necessary to display such flags was not contained in the disclosure packet to the such current lot owner.


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