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Maryland Limited Warranty Certificate Issued to Owner of Condominium Unit

Category:
Real Estate - Certificates
State:
Multi-State
Control #:
US-03106BG
Format:
Word; 
Rich Text
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Description

This Limited Warranty Certificate has been prepared to comply with the requirements of the federal Magnuson-Mass Warranty-Federal Trade Commission Improvement Act enacted in 1975 (15 U.S.C. Section 2301); certain language is required by regulations promulgated by the Federal Trade Commission (16 C.F.R. Section 701.3).


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Limited Warranty Certificate Issued to Owner of Condominium Unit
  • Preview Limited Warranty Certificate Issued to Owner of Condominium Unit
  • Preview Limited Warranty Certificate Issued to Owner of Condominium Unit
  • Preview Limited Warranty Certificate Issued to Owner of Condominium Unit

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FAQ

Bylaws may only be amended by the council of unit owners, but the board may adopt rules to meet special needs of the condominium without the consent of the council. However, the law provides a spe- cific procedure to be followed by the board and any new rule can be rejected by the unit owners.

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.?

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.?

Effective October 1, 2023, this new law creates different insurance requirements for different types of condominiums. Some of these changes are highlighted below: For attached (townhouse) or multifamily dwelling units, a condominium association is required to have property insurance covering common elements and units.

A condominium is one of a group of housing units where the homeowners own their individual unit space, and all the dwellings share ownership of common use areas.

Altering the types of elements and units for which a council of unit owners is required to maintain certain property insurance and altering certain requirements for the property insurance policy; and requiring owners of detached units to carry homeowners insurance on the entirety of the unit.

Effective October 1, 2023, this new law creates different insurance requirements for different types of condominiums. Some of these changes are highlighted below: For attached (townhouse) or multifamily dwelling units, a condominium association is required to have property insurance covering common elements and units.

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.

Maryland Limited Warranty Certificate Issued to Owner of Condominium Unit Related Searches

  • md condo act 11-114
  • maryland condo association laws

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