DUCIOA Information

16. HB 475 DUCIOA Amendments Effective 8/11/10:

  1. Clarifies that Unit Property Act applies to new condominiums exempt from DUCIOA.
  2. Clarifies that amendments made to declaration of Common Interest Community does not affect the status of that community as exempt from some or all of DUCIOA. However, a community can still adopt some or all of DUCIOA.

16. More DUCIOA Amendments:

  • Clarifies that new common interest communities still qualify for the small exemption so long as it will not be more than 20 units even if built in phases.
  • Clarifies what sections of DUCIOA apply to small communities.
  • Adds $127 on how to give notice to list of sections that apply to pre-existing communities.

More DUCIOA Amendments:

  • Adds a 5 day rescission if not given Resale Certification prior to signing Agreement of Sale.
  • Unless the purchaser is given the Resale Certificate before execution of a contract for the purchase of a unit, the purchaser, before conveyance, may cancel the contract within five (5) days after first receiving the Resale Certificate.

Extends Years To Achieve a Fully Funded Reserve For Pre-Existing Condos:

  • If not fully funded as of 10/1/2009
  • Less than 25 percent then have till 9/30/2017
  • Between 25 percent and 50 percent, then till 9/30/2015
  • Between 50 percent and 70 percent, then till 9/30/2014

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