HB 2817 Summary

• Increases the termination threshold for condominiums created on or after September 24, 2022 from 80% to 95% unit owner agreement, with exceptions for eminent domain and nonresidential-only condominiums.

• Requires unit owners receive compensation including fair market value determined by independent appraisal, an additional 10% for relocation costs on owner-occupied units, and all closing costs including title insurance.

• Mandates appraisals use comparable sales methodology (at least three comparable sales with specific criteria) conducted by state-licensed or state-certified real estate appraisers, with unit owners having the option to obtain second appraisals.

• Requires associations to provide annual notices to unit owners stating that condominiums may be terminated by 80% vote, listing all unit owners and their ownership numbers, and disclosing information about condominium termination rights in resale disclosures.

• Applies all compensation and appraisal provisions retroactively to condominiums established before or after the effective date of this act as a matter of public policy.