HB 2784 Summary

• Raises the termination threshold for condominiums created on or after September 24, 2022 from 80% to 95% of unit owner votes, matching or exceeding any larger percentage specified in the declaration.

• Requires the board of directors to convene an open meeting at least 30 days before recording a termination agreement, where the proposing party must produce signed notarized statements or the executed termination agreement from unit owners; any termination agreement recorded without full compliance is invalid.

• Modifies the process for determining unit owner compensation upon termination by requiring negotiation of sales price between each unit owner and the association, rather than independent appraisal methodology.

• Eliminates the appraisal process, second appraisal rights, arbitration procedures, and the automatic 5% relocation cost addition that previously applied to unit compensation calculations.