No longer will disclosure statements summarize the significant features of the draft documents. A table of contents will be provided instead, referring buyers to the appropriate area of the proposed declaration, bylaws, rules or other material. Sections 73 and 74 of the new act also must be recited, outlining when and how buyers can cancel their deals. Reserve fund studies must be conducted once every three years, the regulations stating the timetable for each. Any study must analyze both a condo's physical structure and its finances.
Comprehensive rules specify who can conduct a reserve fund study, and what it entails.
Corporate financial statements must compare actual reserve fund contributions against what should have been collected according to the most recent reserve fund study. Prescribed forms for proxy voting now exist. Within 30 days of leasing a unit, owners must deliver a prescribed summary of terms to the condominium corporation. You can in our Columnist newsgroup. Join the discussion now .