Condominium & Conversions

Evolution of Condominiums

Statutory Overview

Ownership Interests

Units

Common Elements

Formation of Condominiums

Governing Documents

Declaration

• Description of Property
• Unit Designation
• Voting Allocations
• Boundary Locations
• Assessment Allocations

Bylaws

• Number of Directors
• Meeting Requirements
• Quorum Minimum
• Operational Guidelines
• Use Restrictions

Government Approvals

Conversions

Disclosures

Additional Documentation

Notice to Tenants

Right of First Refusal

Timing of Notices

Timing of Recording of Declaration

Cancellation Rights

Reserves

Reserves

• Components with 1-30 year life span
• Maintained, Repaired & Replaced by Association
• Based on Reserve Study
• Must be updated annually

Envelope Inspections