This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condo Bylaws Association With No Reserves In Suffolk
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State:
Multi-State
County:
Suffolk
Control #:
US-00452
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Word;
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FAQ
Answer: As of 2024, Florida law requires all condos over three stories to conduct mandatory building inspections and a Structural Integrity Reserve Study (SIRS) every 10 years. Additionally, associations can no longer waive or reduce reserve funds, ensuring they are fully funded to cover future repairs.
A inium association (COA) does have authority to get a court order requiring a unit owner to evict a tenant. Whether or not the COA would be successful under your facts and circumstances is questionable.
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.
What Are My Rights as a Condo Owner? As a condo owner, you have the right to use your unit as provided in the master deed – if it's a residential inium unit – in a way that allows you to maintain a reasonable standard of living as required by Massachusetts health, safety and building laws.
The rules found in the Massachusetts inium Act include mandatory provisions that must be included in the bylaws, interests in common areas of the inium, and expenses incurred by the unit owners' association. The provisions also explain the fundamental attributes of a inium.
Federal laws - In addition to state law regulations, the federal government has laws that govern the operation of homeowners' associations, iniums, and other residential properties in the state of Massachusetts.
Section 97(1) of the Act speaks to the inium's ability to carry out its obligations to repair and maintain the common elements using materials that are reasonably close in quality to the original as is appropriate in ance with current construction standards.
Section 55(4)(c) provides that an owner is not entitled to see records relating to other specific owners and units. The owner had requested minutes of board meetings that contained discussions of the potential litigation against the owner.
Section 82.111 - Insurance (a) Beginning not later than the time of the first conveyance of a unit to a person other than a declarant, the association shall maintain, to the extent reasonably available: (1) property insurance on the insurable common elements insuring against all risks of direct physical loss commonly ...
Section 83(1) of the Act requires landlords to notify the condo corporation of the rental and provide a copy of the lease within 10 days of signing.