Condominiums and Homeowners Associations - Resale Contracts - Notice Requirements (Keeping Affordable Housing Affordable Act)

HB 1132 (Keeping Affordable Housing Affordable Act) requires sellers of condominium units or homeowners association properties to provide buyers with specific financial disclosures 20 calendar days before closing - extending the prior 15-day deadline. It mandates written notice of any mandatory fee or payment increases exceeding 10% (or other major changes) after the seller learns of them. The bill affects condo/HOA sellers and buyers by ensuring transparency about future costs like maintenance fees, assessments, and reserve funds. Key provisions include standardized disclosure forms covering current budgets, outstanding dues, insurance, and facility details to help buyers understand long-term housing expenses.