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House Bill 1640


House Bill 1640

ARCHIVE (2007)

Latest Information

 

DIGEST OF INTRODUCED BILL


Condominium common areas and facilities. Allows all or part of the common areas and facilities of a condominium to be conveyed or encumbered if a 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 condominium declaration or condominium association 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 must be distributed to co-owners as common profits.
Current Status:
 In Committee - first House
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