Requires managing agents to report to unit owners and the real estate commission when a condominium association fails to comply with budget and.
This bill mandates that managing agents report to condominium unit owners and the real estate commission when a condominium association fails to comply with budget and replacement reserve requirements. It outlines the procedures for calculating replacement reserves assessments and the responsibilities of the association board. The bill also specifies the contents of the annual operating budget and reserve study, including details on estimated revenues, expenses, and replacement reserves assessments.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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