Condominium Bylaws Condo Association Fort Myers In Michigan
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FAQ
Buying a condo affords you certain rights such as exclusive ownership of your unit, the authority to rent or lease the unit, and the freedom to use shared facilities without fees. To have a pleasant condo living experience, keep in mind these legal rights for condo owners.
Sec. 84a. (1) The developer shall provide copies of all of the following documents to a prospective purchaser of a inium unit, other than a business inium unit: (a) The recorded master deed.
DOCUMENTS THE ASSOCIATION MUST PROVIDE The association must provide a financial statement annually to each co-owner. The books, records, and contracts concerning the administration and operation of the inium project must be available for examination by any of the co-owners at convenient times.
Section 112 further requires that tenants comply with all of the conditions of the community's inium documents, and requires that all leases explicitly state this requirement.
A inium, or condo, is an individually owned unit in a complex or building of units. A condo owner owns the space inside their condo and shares ownership interest in the community property, such as the floor, stairwells, and exterior areas.
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.
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.
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.
