Association

Item View Section of Act View Admin Rule(s)
Service and management contracts signed by the developer may be voided after transition (conditional) Sec. 55
Owners with disabilities- modifications Sec. 47a
The association must provide a financial statement to each owner at least once per year Sec. 54(5)
The books, records and contracts of the association may be viewed by an owner Sec. 57 505
The books of the association shall be independently audited or reviewed annually.  The audit does not have to be certified Sec. 57 504
The association shall keep current copies of the master deed, all amendments to the master deed, and other condominium documents available at reasonable hours to co-owners, prospective purchasers, and prospective mortgagees of condominium units. Sec. 68
Amending documents Sec. 90(2, 4-8)Sec. 91
Voting procedures Sec. 90a
An association must maintain capital repair and replacement reserves Sec. 105 511
What the association may do if an owner is in default of their assessments or in violation of the documents Sec. 106 512, 514
Action an association may take to collect assessments including liens and foreclosure Sec. 108 514
Renting or leasing a unit Sec. 112 515
Special assessments and property taxes Sec. 131
The association is required to carry specific insurance coverage (as a minimum) 508

Owners, Buyers, Sellers

Item View Section View Admin Rule(s)
An owner may make improvements to interior with limitations Sec. 47 509
Disabilities – in addition to Fair Housing requirements, the Condo Act provides some guidelines Sec. 47a
Each owner should receive at least one (1) financial statement from the association per year Sec. 54(5)
An owner may display an American flag on the exterior of a unit Sec. 56a
An owner may review the books, records and contracts of the association Sec. 57 505
Each owner has exclusive right to their unit and to use of the common areas Sec. 63
Each unit owner, tenant, or occupant shall comply with the master deed, bylaws, and rules Sec. 65 510
An owner is required to pay their allocated share of common expenses and cannot offset that by claiming not to use the common areas or abandoning the unit Sec. 69
If an owner is in default of the assessments or in violation of the bylaws, the association may take action(s) Sec. 106 512
Actions an owner may take to enforce the condominium documents Sec. 107
At the time of sale, if the owner is in default to the association, shall be paid out of the sale price or by the purchaser in preference over any other assessments or charges except the following: taxes, first mortgage Sec. 111
Renting or leasing a unit Sec. 112 515
An owner may not claim that the association has not provided service(s) as a reason for not paying assessments Sec. 139

Developers

Item View Section View Admin Rule(s)
Creation of owner advisory committee; transition to owner control Sec. 52
First time sale of unit (new construction or conversion) requires a disclosure booklet be provided to purchaser 901-903
Other materials that must be provided to a first-time purchaser Sec. 84a
Ability to amend documents after filing Sec. 90
Conversion project – notice to tenants; termination of tenancy Sec. 104
The association is required to set aside capital repair and replacement reserves, even while the developer is in control Sec. 105 511