Condo Rules In Michigan
Description
Form popularity
FAQ
Sec. 67. (1) A change in a inium project shall be reflected in an amendment to the appropriate inium document. An amendment to the inium document is subject to sections 90, 90a, and 91.
Condo Ownership When you buy a condo, you own the interior of the unit. Unlike an apartment, where you need the landlord's permission to make changes, you can do whatever you like to the interior of your unit. You're also responsible for interior repairs and maintenance.
The dissolution of a homeowners association in Michigan necessitates a formal resolution, approval from a majority of members, and adherence to specific procedures set forth in the Michigan Nonprofit Corporation Act.
Sec. 47. (1) Subject to the prohibitions and restrictions in the inium documents, a co-owner may make improvements or alterations within a inium unit that do not impair the structural integrity of a structure or otherwise lessen the support of a portion of the inium project.
The inium documents include the master deed, inium subdivision plan, bylaws for the inium project, and any other documents referred to in the master deed or bylaws. In addition, the developer is required to provide a disclosure statement.
Section 559.205. The state administrative code requires the co-owners' association to maintain a reserve fund which, at a minimum, shall be equal to 10% of the association's current annual budget on a noncumulative basis. The funds shall only be used for major repairs and replacement of common elements.
Section 57 of the Act provides that all books, records, contracts, and financial statements concerning the administration and operation of the inium project shall be available for examination by any of the co-owners at convenient times.
In Michigan, HOAs are usually governed by the Nonprofit Corporation Act 162 of 1982. This act covers how HOAs should be established, managed, and operated. It includes requirements for filing articles of incorporation and creating governing documents like bylaws.
What are the requirements of a inium association? The Act requires the association of co-owners to keep current copies of the master deed, all amendments to the master deed, and other inium documents available for review by co- owners, prospective purchasers, and prospective mortgagees.
