16. HB 475 DUCIOA Amendments Effective 8/11/10:
- Clarifies that Unit Property Act applies to new condominiums exempt from DUCIOA.
- 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
Click Here to See the Diagram (Updated for 2020)
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