HB 2687 Summary

• Requires the board of directors to convene a meeting at least 30 days before recording a termination agreement and verify that unit owners representing at least 80% of votes (or higher percentage if declared) have executed the agreement through signed notarized statements.

• Makes any termination agreement recorded without full compliance with the meeting and verification requirements invalid.

• Modifies the appraisal process for determining unit owner interests by allowing owners to obtain second independent appraisals and requiring arbitration if appraisals differ by more than 5%, with the arbitration cost paid by the association.

• Adds a 5% relocation cost allowance to final compensation amounts determined through the appraisal process.

• Voids any declaration provisions conflicting with the appraisal and compensation methods established in subsection G, paragraph 1, effective August 3, 2018.