Condo Dec versus Offering Plan The offering plan is a disclosure document that guides the sales process. It explains what events must take place for control of the apartment to shift from developer to buyer. The condo dec is forward-looking, describing the operations of the building over the life of the condo.
To have a pleasant condo living experience, keep in mind these legal rights for condo owners. The Right to Access Condo Documents. The Right to Equality and Non-Discrimination. The Right to Notice and Meetings. The Right to Run and Vote During Elections. The Right to Protest.
Four types of legal “governing documents” are typically associated with subdivisions such as iniums and planned developments: the Declaration of Covenants, Conditions and Restrictions (or “CC&Rs”), the Bylaws, the Articles of Incorporation, and the Rules.
Declaration of covenants, conditions, and restrictions (CC&Rs) establish the “ground rules” for the condo association. This governing document also establishes the obligations of condo owners to the association and vice versa. Condo association rules and regulations refer to the “do's and don'ts” in your community.
Bylaws state when the meetings of the association are held. Standing rules tell where and what time association meetings are held, and when executive board meetings are held. Bylaws give the primary responsibilities of officers and chairmen. Standing rules give the specifics.