|HB 0480||Relating to the Uniform Common Interest Ownership Act|
|Sponsor:||FARMER||Handling House Bill:|
|Last Action:||02/06/95 - Referred H Judiciary and Ethics Committee|
HB0480 Farmer, Nancy et al
P R E F I L E D
HB 480 -- Uniform Common Interest Ownership Act
This bill is the Uniform Common Interest Ownership Act. It expands the condominium law to regulate other common ownership interests in real property. The types of common ownership interests recognized in the bill are condominiums, cooperatives, and planned communities. Condominiums are defined as a common interest community in which portions of the real estate are designated for separate ownership. Cooperatives are defined as a common interest community which owns real estate as an association and members are entitled to exclusive possession of a unit by reason of an ownership interest in the association. Planned communities are common interest communities that are not condominiums or cooperatives, although a condominium or cooperative may be a part of a planned community. An ownership interest in a cooperative is personal property unless the declaration states the interest is real property.
A common interest community is created by recording a declaration of the community, which must be executed like a deed. The declaration must include the name of the common interest community; whether the community is a condominium, a cooperative, or a planned community; a legal description of the real estate; a statement of the maximum number of units; the allocation of common expenses and the portion of votes; and other particular items enumerated in the bill.
Provisions of the bill will apply to common interest communities created before its effective date, with certain exceptions regarding acts occurring before the effective date and amendments to declarations, bylaws, or plats of the community. There is an option for a common interest community to elect to be treated as if the community was created after the effective date.
Current rules on ownership interests and associations, voting rights, common interest rights, distribution of proceeds, bylaws, security interests, priority of interests, merger and consolidation of communities, and management of communities are expanded to include all three types of common interest communities. Where necessary, modifications are made to reflect differences in the types of ownership interests.
Parties to a dispute arising under chapter 448, RSMo, the declaration or the bylaws of a common interest community, may agree to any form of alternative dispute resolution, but an agreement to submit to binding arbitration must be in a writing signed by the parties.