condominium conversion;
disclosure
DPAS/E |
Committee on Commerce and Economic Development |
|
|
X |
Committee on Judiciary |
|
|
|
Caucus and COW |
|
|
|
Third Read |
|
|
|
As Passed the House |
|
Current Status
The Commerce and Economic Development Committee adopted a strike-everything amendment that was further amended. The strike-everything amendment was amended to require the real estate subdivision report to disclose the conversion of a multifamily rental property to a condominium property complex, including the date the original construction was completed. In addition, the declaration must provide disclosure as outlined in the bill.
Although an apartment building is constructed according to the applicable building code, it is utilized as a rental property, thereby sustaining greater use and possibly more abuse than privately owned real property, such as a condominium. Some developers and private individuals are purchasing rental apartment complexes and converting them to condominiums that are being sold to private individuals. Title 33, Section 1202, provides:
"Condominium means
"real estate, portions of which are designated for separate ownership and
the remainder of which is designated for common ownership solely by the owners
of the separate portions. Real estate
is not a condominium unless the undivided interests in the common elements are
vested in the unit owners."
Amendments
The CED Committee adopted a
strike-everything amendment that was further amended: