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Senate Bill 0455


Senate Bill 0455

ARCHIVE (2005)

Latest Information

 

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.
    Current Status:
     In Committee - first House
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