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(a) All common profits shall be disbursed to the unit owners, be credited to their assessments for common expenses in proportion to their percentage interests in common profits and common expenses, or be used for any other purpose as the council of unit owners decides.
Most Maryland condos, HOAs and coops will now be required to obtain a reserve study of the association common property at least every 5 years to determine the remaining useful life of each major component of the common property and the estimated cost for long-term repair and replacement.
Effective Oct. 1, 2023, Maryland HB98/SB403 allows detached condominium units to obtain property insurance coverage as HOAs, with unit owners insuring their individual dwellings and the association insuring common areas.
Section 11-114 of the Maryland Condominium Act states that the council of unit owners is required to maintain insurance ?[f]or property and casualty losses to the common elements and the units, exclusive of improvements and betterments installed in the units by the unit owners other than the developer.?
(c) (1) If any unit owner fails to comply with this title, the declaration, or bylaws, or a decision rendered in ance with this section, the unit owner may be sued for damages caused by the failure or for injunctive relief, or both, by the council of unit owners or by any other unit owner.
Section 11-111 - Rules and regulations (a) (1) The council of unit owners or the body delegated in the bylaws of a condominium to carry out the responsibilities of the council of unit owners may adopt rules for the condominium if: (i) Each unit owner is mailed or delivered: 1. A copy of the proposed rule; 2.
§11?109.2. (a) The council of unit owners shall cause to be prepared and submitted to the unit owners an annual proposed budget at least 30 days before its adoption.
Section 11-111 - Rules and regulations (a) (1) The council of unit owners or the body delegated in the bylaws of a condominium to carry out the responsibilities of the council of unit owners may adopt rules for the condominium if: (i) Each unit owner is mailed or delivered: 1. A copy of the proposed rule; 2.