' So, the statute allows persons who are not owners to serve on the board, provided they are eligible to be candidates.
The board of administration shall be composed of five members unless the inium has five or fewer units. The board shall consist of not fewer than three members in iniums with five or fewer units that are not-for-profit corporations.
At SCCU, borrowers may qualify for financing up to 97% for primary residences, so only a 3% down payment may be required. We also offer condo mortgage loans on certain vacation and second homes with just 10% down.
A board member may not serve more than 8 consecutive years unless approved by an affirmative vote of unit owners representing two-thirds of all votes cast in the election or unless there are not enough eligible candidates to fill the vacancies on the board at the time of the vacancy.
Known as Senate Bill 4-D on building safety, the new laws require: All condos three stories or higher and older than 30 years old must undergo mandatory "milestone inspections" All condos three stories or higher must get "structural integrity reserve study" also known as SIRS.
The state law, passed in 2022, requires associations to have sufficient reserves to cover major repairs.
Sunshine Laws for Committees For both condos and HOAs, there are certain committees that must always operate in the sunshine, which means they must post notice of meetings, permit all association members to attend meetings and keep minutes.
Yes, landlords can prevent you from having overnight guests or limit the number of nights guests can stay if the lease defines it.