Organization of unit owners' association
In plain English: An owners' association must be created no later than the day the first unit is sold. Every unit owner is automatically a member of the association, and membership always consists of all the current unit owners. The association can be set up as a for-profit or nonprofit corporation or as an unincorporated association.
33-1241. Organization of unit owners' association
A unit owners' association shall be organized no later than the date the first unit in the condominium is conveyed. The membership of the association at all times shall consist exclusively of all the unit owners or, following termination of the condominium, of all former unit owners entitled to distributions of proceeds under section 33-1228, or their heirs, successors or assigns. The association shall be organized as a profit or nonprofit corporation or as an unincorporated association.
Bills that change this section
HB2280 homeowners' associations; assessments; liens; paymentsMixedHB2322 condominiums; commercial structures; residential structuresPro-homeownerHB2410 condominiums; planned communities; directors' dutiesPro-homeownerHB2442 homeowners' associations; budget ratification; requirementsPro-homeownerHB2614 homeowners' associations; assessments; liens; paymentsPro-HOA industryHB4050 homeowners' associations; foreclosure processPro-homeownerSB1151 homeowners' associations; open meetingsPro-homeownerSB1387 homeowners' associations; board duties; indemnificationMixedSB1674 homeowners' associations; rules; enforcementMixed