Requires that the board of directors or board of managers of a converted cooperative or condominium, as the case may be, must be comprised of a majority of members elected by shareholders or owners in occupancy so that control of the converted cooperative or condominium is turned over to the unit owners as soon as possible; applies only to plans of 20 or more units.
Creates the cooperative and condominium ombudsperson program; authorizes the residential unit tax; establishes the cooperative and condominium ombudsperson program fund.
Requires that when a buyer enters into a contract to purchase a condominium or cooperative housing unit, the property management company or board of managers shall provide the buyer with records of the most recent inspection and engineering reports and permits for the subject property.
Requires that when a buyer enters into a contract to purchase a condominium or cooperative housing unit, the property management company or board of managers shall provide the buyer with records of the most recent inspection and engineering reports and permits for the subject property.
An Act Concerning Elections Of The Executive Boards Of Directors Of Condominium Unit Owners' Associations And Changes To The Common Interest Ownership Act.
Directs condominium and cooperative housing associations to complete capital reserve studies, including a thirty-year funding plan, in order to ensure that the condominium or cooperative housing association has adequate reserve funds available to repair or replace the assets located on the property that the association is obligated to maintain without the need to create any special assessment or loan obligation; specifies the content of the study; requires the study to be filed with the attorney general.