HI HB2002

Authorizes the assistant registrar to prepare a master certificate of title for common interest communities (condominiums and planned communities) that lists encumbrances of general application.

For new common interest communities, a master certificate must be prepared upon recording of the declaration, with individual unit certificates cross-referenced to the master certificate.

For existing common interest communities, the master certificate may be prepared upon recording of amendments to governing documents, or upon petition by the association or unit owner approved by the court.

Entries on the master certificate have the same legal effect as if noted on individual unit certificates, eliminating the need to amend each unit's certificate when encumbrances of general application change.

Defines key terms including "common interest community," "governing documents," "master certificate of title," and specifies what documents belong on the master certificate versus individual unit certificates.