AN ACT RELATING TO PROPERTY -- CONDOMINIUM LAW

This bill requires condominium associations to perform structural surveys and reserve studies to assess building conditions and future repair needs. It mandates that these associations maintain financial reserves at a minimum of 15% to ensure funds are available for necessary repairs. The legislation directly affects homeowners and property managers in condominium communities by establishing new financial and planning requirements. These provisions aim to improve long-term maintenance planning and financial stability for condominium properties without specifying particular repair projects or outcomes.