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DIGEST OF INTRODUCED BILL
Transfer of common areas of condominium. Provides that all or part of the common areas and facilities of a condominium may be conveyed or encumbered if the majority of co-owners agree to the action. Provides that a different percentage of votes may be required to convey or encumber the common areas and facilities if the percentage is specified in: (1) the declaration or bylaws; or (2) an amendment to the declaration or bylaws, if the amendment is approved by the co-owners. Provides that proceeds from the conveyance or encumbrance of common areas and facilities shall be distributed to co-owners as common profits.