Condominium Property Act

The act creates condominium ownership as a recognized form of holding real property, under which a development is divided into separately owned units together with undivided interests in the common areas shared by all unit owners. It operates chiefly through recorded instruments — a declaration, a plat or plan fixing each unit's boundaries and legal description, and bylaws — with recordation also required to modify or amend them, and it vests day-to-day administration in a management body that can act for the owners collectively, hold property, obtain insurance, and be served with process in matters affecting the common areas. Around that structure it supplies the supporting rules: separate taxation of each unit, liens for unpaid assessments and for labor or materials, proportionate allocation of common-area liability among owners, disclosure of account balances and fees on transfer, limits on how zoning and securities regulation apply to such projects, and procedures for partition, sale, or removal of the property from the act's coverage.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.