Title XXIX, OWNERSHIP AND CONVEYANCE OF PROPERTY

448.2-120. Master associations. — 1. If the declaration for a condominium provides that any of the powers described in section 448.3-102 are to be exercised by or may be delegated to a profit or not for profit corporation or unincorporated association which exercises those or oth…

448.2-121. Merger or consolidation of condominiums. — 1. Any two or more condominiums may, by agreement of the unit owners as provided in subsection 2 of this section, be merged or consolidated into a single condominium. In the event of a merger or consolidation, unless the agree…

448.200. Managers to keep records, open to owners. — The manager or board of managers, as the case may be, shall keep detailed, accurate records in chronological order of the receipts and expenditures affecting the common elements, specifying and itemizing the maintenance and rep…

448.210. Rule against perpetuities — restraints on alienation. — It is expressly provided that the rule of property known as the rule against perpetuities and the rule of property known as the rule restricting unreasonable restraints on alienation shall not be applied to defeat a…

448.3-101. Organization of unit owners' association. — A unit owners' association shall be organized no later than the date the first unit in the condominium is conveyed. The membership of the association at all times shall consist exclusively of all the unit owners or, following…

448.3-102. Powers of unit owners' association. — 1. Subject to the provisions of the declaration, the association, even if unincorporated, may: (1) Adopt and amend bylaws and rules and regulations; (2) Adopt and amend budgets for revenues, expenditures, and reserves and collect a…

448.3-103. Executive board members and officers. — 1. Except as provided in the declaration, the bylaws, subsection 2 of this section, or other provisions of sections 448.1-101 to 448.4-120, the executive board may act in all instances on behalf of the association. In the perform…

448.3-104. Transfer of special declarant rights. — 1. No special declarant rights created or reserved under sections 448.1-101 to 448.4-120 may be transferred except by an instrument evidencing the transfer recorded in every county in which any portion of the condominium is locat…

448.3-105. Termination of contracts and leases of declarant. — If entered into before the executive board elected by the unit owners pursuant to subsection 6 of section 448.3-103 takes office, (1) any management contract, employment contract, or lease of recreational or parking a…

448.3-106. Bylaws. — 1. The bylaws of the association shall provide for: (1) The number of members of the executive board and the titles of the officers of the association; (2) Election by the executive board of a president, treasurer, secretary, and any other officers of the ass…

448.3-107. Upkeep of condominium. — 1. Except to the extent provided by the declaration, subsection 2 of this section, or subsection 8 of section 448.3-113, the association is responsible for maintenance, repair, and replacement of the common elements, and each unit owner is resp…

448.3-108. Meetings. — A meeting of the association shall be held at least once each year. Special meetings of the association may be called by the president or by twenty percent, or any lower percentage specified in the bylaws, of either the executive board or the unit owners. N…

448.3-109. Quorums. — 1. Unless the bylaws provide otherwise, a quorum is deemed present throughout any meeting of the association if persons entitled to cast twenty percent of the votes which may be cast for election of the executive board are present in person or by proxy at th…

448.3-110. Voting — proxies. — 1. If only one of the multiple owners of a unit is present at a meeting of the association, he is entitled to cast all the votes allocated to that unit. If more than one of the multiple owners are present, the votes allocated to that unit may be cas…

448.3-111. Tort and contract liability. — Neither the association nor any unit owner except the declarant is liable for that declarant's torts in connection with any part of the condominium which that declarant has the responsibility to maintain. Otherwise, an action alleging a w…

448.3-112. Conveyance or encumbrance of common elements. — 1. Portions of the common elements may be conveyed or subjected to a security interest by the association if persons entitled to cast at least eighty percent of the votes in the association, including eighty percent of th…

448.3-113. Insurance. — 1. Commencing not later than the time of the first conveyance of a unit to a person other than a declarant, the association shall maintain, to the extent reasonably available: (1) Property insurance on the common elements, insuring against all risks of dir…

448.3-114. Surplus funds. — Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves shall be paid to the unit owners in proportion to their common expense liabili…

448.3-115. Assessments for common expenses. — 1. Until the association makes a common expense assessment, the declarant shall pay all the common expenses. After any assessment has been made by the association, assessments thereafter shall be made at least annually and shall be ba…

448.3-116. Lien for assessments. — 1. The association has a lien on a unit for any assessment levied against that unit or fines imposed against its unit owner from the time the assessment or fine becomes due. The association's lien may be foreclosed in like manner as a mortgage o…

448.3-117. Other liens affecting the condominium. — 1. A judgment for money against the association, if recorded, is not a lien on the common elements, but is a lien in favor of the judgment lienholder against all of the units in the condominium at the time the judgment was enter…

448.3-118. Association records. — The association shall keep financial records sufficiently detailed to enable the association to comply with section 448.4-107. All financial and other records shall be made reasonably available for examination by any unit owner and his authorized…

448.3-119. Association as trustee. — With respect to a third person dealing with the association in the association's capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to i…

448.4-101. Applicability — waiver. — 1. Sections 448.4-101 to 448.4-120 apply to all units subject to sections 448.1-101 to 448.4-120, except as provided in subsection 2 of this section or as modified or waived by agreement of purchasers of units in a condominium in which all uni…

448.4-102. Liability for public offering statement requirements. — 1. Except as provided in subsection 2 of this section, a declarant shall, prior to the offering of any interest in a unit to the public, prepare an original sale certificate conforming to the requirements of secti…

448.4-103. Original sale certificate, general provisions. — 1. An original sale certificate shall contain or fully and accurately disclose: (1) The name and principal address of the declarant and of the condominium; (2) A general description of the condominium, including, to the …

448.4-104. Original sale certificate, condominiums subject to development rights. — If the declaration provides that a condominium is subject to any development rights, the original sale certificate shall disclose, in addition to the information required by section 448.4-103: (1)…

448.4-105. Original sale certificate, time-shares. — If the declaration provides that ownership or occupancy of any units is or may be in time-shares, the original sale certificate shall disclose, in addition to the information required by section 448.4-103: (1) The number and id…

448.4-106. Original sale certificate, condominiums containing conversion buildings. — 1. The original sale certificate of a condominium containing any conversion building shall contain, in addition to the information required by section 448.4-102: (1) A statement of work done, in…

448.4-107. Original sale certificate, condominium securities. — If an interest in a condominium is currently registered with the Securities and Exchange Commission of the United States, a declarant satisfies all requirements relating to the preparation of an original sale certifi…

448.4-108. Purchaser's right to cancel. — A person required to deliver an original sale certificate pursuant to subsection 3 of section 448.4-102 shall provide a purchaser of a unit with a copy of the original sale certificate and all amendments thereto before conveyance of that …

448.4-109. Resales of units. — 1. Except in the case of a sale where delivery of an original sale certificate is required, or unless exempt under subsection 2 of section 448.4-101, a unit owner shall furnish to a purchaser before execution of any contract for sale of a unit, or o…

448.4-110. Escrow of deposits. — Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver an original sale certificate pursuant to subsection 3 of section 448.4-102 shall be placed in escrow and held either in this state or in th…

448.4-111. Release of liens. — 1. In the case of a sale of a unit where delivery of an original sale certificate is required pursuant to subsection 3 of section 448.4-102, a seller shall, before conveying a unit, record or furnish to the purchaser releases of all liens affecting …

448.4-112. Conversion buildings — low or moderate income elderly tenants and disabled tenants, rights of. — 1. A declarant of a condominium containing conversion buildings, and any person in the business of selling real estate for his own account who intends to offer units in suc…

448.4-113. Express warranties of quality. — 1. Express warranties made by any seller to a purchaser of a unit, if relied upon by the purchaser, are created as follows: (1) Any affirmation of fact or promise which relates to the unit, its use, or rights appurtenant thereto, area i…

448.4-114. Implied warranties of quality. — 1. A declarant and any person in the business of selling real estate for his own account warrants that a unit will be in at least as good condition at the earlier of the time of the conveyance or delivery of possession as it was at the …

448.4-115. Exclusion or modification of implied warranties of quality. — 1. Except as limited by subsection 2 of this section with respect to a purchaser of a unit which may be used for residential use, implied warranties of quality: (1) May be excluded or modified by agreement o…

448.4-116. Statute of limitations for warranties. — 1. A judicial proceeding for breach of any obligation arising under section 448.4-113 or 448.4-114 shall be commenced within six years after the cause of action accrues, but the parties may agree to reduce the period of limitati…

448.4-117. Effect of violations on rights of action — attorney's fees. — If a declarant or any other person subject to sections 448.1-101 to 448.4-120 fails to comply with any provision hereof or any provision of the declaration or bylaws, any person or class of persons adversely…

448.4-118. Labeling of promotional material. — If any improvement contemplated in a condominium is labeled "NEED NOT BE BUILT" on a plat or plan, or is to be located within a portion of the condominium with respect to which the declarant has reserved a development right, no promo…

448.4-119. Declarant's obligation to complete and restore. — 1. The declarant shall complete all improvements labeled "SHALL BE BUILT" on plats or plans prepared pursuant to section 448.2-109. 2. The declarant is subject to liability for the prompt repair and restoration, to a co…

448.4-120. Substantial completion of units. — In the case of a sale of a unit where delivery of an original sale certificate is required, a contract of sale may be executed, but no interest in that unit may be conveyed until the declaration is recorded and the unit is substantial…