New York S01177 amends real property law to establish provisions for the transition of control of certain homeowners' associations, including the.

New York S01177 amends the real property law by adding a new article governing the transition of control of certain homeowners' associations. The bill specifies that homeowners, excluding the developer, are entitled to elect at least one member of the board of directors under certain conditions, such as when 90% of the parcels in the community have been conveyed to members other than the developer. The developer retains the right to elect at least one board member as long as they hold for sale at least five percent of the parcels.

New York S01177 amends real property law to establish provisions for the transition of control of certain homeowners' associations, including the.

New York S01177 amends the real property law by adding a new article governing the transition of control of certain homeowners' associations. The bill specifies that homeowners, excluding the developer, are entitled to elect at least one member of the board of directors under certain conditions, such as when 90% of the parcels in the community have been conveyed to members other than the developer. The developer retains the right to elect at least one board member as long as they hold for sale at least five percent of the parcels.