Property Owners' Association Act; disclosure requirements, declarant control.

Summary

The bill forces a developer (declarant) to give a homeowners' association all its books, financial statements, plans, warranties and other key documents once owners control the board, and to disclose any lingering control rights in lot sale contracts. It also creates a detailed resale certificate that must be provided to buyers, listing assessments, fees, insurance, restrictions and any remaining developer control. The aim is to give buyers clearer information about the association’s condition and governance.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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