HB374 Summary: Uniform Condominium Act Amendments

• Amends Alabama's Uniform Condominium Act (Code § 35-8A) to clarify and expand provisions governing the creation, management, and termination of condominium associations and the rights and obligations of developers and unit owners.

• Modifies definitions and procedures for condominium formation, including requirements for declarations, plats, plans, and certificates of substantial completion before units can be conveyed or voted.

• Clarifies developer special rights (sales offices, development rights, board control) and specifies conditions for their transfer, with liability provisions for successor declarants and affiliates.

• Establishes detailed requirements for offering statements and resale certificates that must be provided to purchasers, including property descriptions, budgets, warranties, and disclosures about assessments and insurance.

• Effective January 1, 2018, impacting numerous procedural requirements for condominium operations, unit owner voting rights, common expense assessments, liens, and insurance maintenance obligations.