CS/CS/HB 175 - Condominiums Summary

• Allows condominium units to come into existence upon recording of a declaration regardless of completion status or other requirements in the declaration.

• Extends the time period for county clerks to hold deposited sums from 3 years to 5 years before notifying the association that funds remain available.

• Changes the 3-year statute of limitations for challenging condominium formation documents to begin from the recording of the certificate of surveyor and mapper or transfer of first unit title, rather than from declaration recording.

• Modifies developer voting rights on financial reporting and reserve funding, allowing only non-developer unit owners to vote on these issues for the first 2 fiscal years after the certificate of surveyor and mapper is recorded or first unit is transferred.

• Extends the 7-year deadline for completing phase condominiums to up to 10 years if approved by unit owners, with extensions available only during the final 3 years of the 7-year period.