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Senate Bill 0261


 

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Senate Bill 0261

ARCHIVE (2007)

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DIGEST OF SB261 (Updated April 29, 2007 12:41 pm - DI 84)

Condominium common areas and facilities. Provides that in certain townships all or part of the common areas and facilities of a condominium may be conveyed or encumbered if at least 95% of the 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. Specifies that the different percentage of votes in the declaration or bylaws may not allow less than 95% of the co- owners to convey or encumber all or part of the common areas or facilities. Provides that proceeds from the conveyance or encumbrance of common areas and facilities must be distributed to co-owners as common profits.
    Current Status:
     Law Enacted
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