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1997 SESSION

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HB 2259 Condominium and property owners' associations.

Introduced by: James F. Almand | all patrons    ...    notes | add to my profiles

SUMMARY:

Property and conveyances; Common Interest Community Management Information Fund. Requires the Real Estate Board to issue a registration certificate to each condominium (unit owners'), cooperative (proprietary lessees'), and homeowner (property owners') association required to be registered. The bill also requires the associations to give a copy of their registration certificates to purchasers upon resale. The Fund was established in 1993 to assist common interest communities (i.e., condominium, cooperative, and property owner associations) in resolving disputes and other problems which arise in association living. Moneys collected from such associations as part of an annual registration requirement comprise the Fund. Such associations are required to register with the Real Estate Board in order to identify the name and number of these associations in the Commonwealth and to provide a clearinghouse of information relative to association living.


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