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.
Minnesota Parking License Granted by Owners Association of Condominium
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State:
Multi-State
Control #:
US-02285BG
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Word
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FAQ
The Minnesota Common Interest Ownership Act, or MCIOA, governs the legal standing and obligations of townhome associations, primarily condominium associations, created on or after June 1, 1994.
Associations are operated and governed by an elected board of directors. The powers, duties, and responsibilities of the board of directors can be found in the governing documents, the Minnesota Nonprofit Corporation Act, and/or the Minnesota Common Interest Ownership Act.
Q: Can a community association prohibit or limit the leasing of units in the community? A: Yes. For many years, Minnesota courts have recognized that a community association has the right to prohibit or limit the leasing of units in the community.
Common-interest communities are also known as common-interest developments or CIDs. CIDs are comprised of individually owned units with an undivided interest in common areas. A subdivision developer creates a CID by recording a subdivision plat and a set of legal governing documents.
The Minnesota Common Interest Ownership Act, or MCIOA, governs the legal standing and obligations of townhome associations, primarily condominium associations, created on or after June 1, 1994. Townhome associations created before this date must opt into the MCIOA.
Homeowners have the right to terminate a common interest community. To terminate a CIC, 80% of the common interest along with 80% of the mortgages must vote in favor.
Types of ?common interest community? include condominiums, planned communities and homeowners' associations and timeshares. Common interest properties are gaining in popularity as more people live in condos or use timeshares for vacations.
The Minnesota Common Interest Ownership Act oversees the creation, operation, management, and authority of all common interest communities formed on or after June 1, 1994. This includes homeowners associations, condominiums, and cooperatives.
