Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee advances bill to standardize HOA and condo disclosures for buyers
Summary
Senate Bill 2229, introduced by Senator Josh Bauschade and requested by the North Dakota Association of Realtors, would require homeowners associations and condominium associations to provide a standardized set of documents to prospective buyers and to sellers on request, with default timelines and limited fees.
Senator Josh Bauschade (District 44) told the Senate Industry and Business Committee he introduced Senate Bill 2229 at the request of the North Dakota Association of Realtors to create a standardized disclosure process for homeowners and condominium associations.
"The legislation is intended to provide guidance to homeowners associations and condo associations throughout the state on the documents commonly required to ensure smooth transfer of real property in an established HOA or condo development," Bauschade told the committee. He said the bill was prepared by an NDAR task force with input from the Community Association Institute and other stakeholders.
Under the bill as described to the committee, the statute would: establish definitions; require that, absent a buyer and seller agreement to a different timeline, the documents listed in subsection 2 be provided to a buyer within 10 days of the purchase…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
