Montana HB362 revises the Unit Ownership Act to allow changes to common element percentages with 75% unit owner approval.
Montana HB362 amends the Unit Ownership Act to allow changes to the percentage of undivided interest in common elements if 75% of all unit owners agree. This change reduces the previous requirement for unanimous consent. The bill specifies that each unit owner is entitled to an undivided interest in common elements, with the percentage based on the unit's value relative to all units in the common elements. The bill also mandates recording an amendment to the declaration to reflect the altered percentage.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.