What records must be kept at condo associations in Washington state?
What records must be kept at condo associations in Washington state?
Under the Washington Condominium Act (WCA), all COAs must keep financial records including checks, bank records, and invoices; a yearly financial statement; and other records detailed enough to make sure the association can comply with required disclosures relating to resale certificates.
What is the condo law in Washington State?
Over the nearly three decades since Washington passed its Condominium Act, policy wonks and builders have denounced its chilling effect on condo production throughout the state. The law sets a higher construction warranty standard for condos than for houses or apartment buildings.
What are the requirements of the Condominium Act?
Regarding the maintenance of the units, the Condominium Act requires that the bylaws establish restrictions on and requirements respecting the maintenance of units that are not set forth in the declaration that are designed to prevent unreasonable interference with the use of units by other unit owners.
How much does condo insurance cost in Washington State?
Almost all condo developers in Washington state buy additional insurance to cover the risk of construction defect lawsuits. Insurance cost varies, reportedly falling in the range of $5,000 to $35,000 per unit in the building.
What is the District of Columbia Condominium Act?
DC Condominium Act 1 6/2014 Subchapter I. General Provisions. § 42-1901.01 Applicability of chapter; corresponding terms; supersedure of prior law. (a) This chapter shall apply to all condominiums created in the District of Columbia; provided, that except as otherwise expressly set forth in this chapter, any provision of this chapter that became
Does condo association really need an annual audit?
Does condo association really need an annual audit for $3K? Does condo association really need an annual audit for $3K? Our 40 unit condo association is required to have an independent annual audits conducted.
What are the condominium laws in the District of Columbia?
Sections 402 through 408 and sections 412 through 417 shall apply to any contract for the disposition of a condominium unit signed in the District of Columbia by any person, unless exempt under section 401.
What are the DC construction codes for 2013?
The 2013 Codes consist of 10 of the 2012 Model Codes published by the International Code Council and the 2011 National Electrical Code, as these codes have been amended by the District of Columbia Construction Codes Supplement of 2013 (Title 12 of the District of Columbia Municipal Regulations (DCMR).
When does a condominium have to be established?
No condominium shall be established except pursuant to this chapter after March 28, 1977. This chapter shall not be construed, however, to affect the validity of any provision of any condominium instrument complying with the requirements of the Horizontal Property Act and recorded before March 28, 1977.