Legislative Session number- 84

Bill Name: SF0393

1E Relating to real property; modifying certain provisions under the Minnesota
common interest ownership act; clarifying certain applicability provisions and
modifying the applicability to planned communities; clarifying certain
definitions and the applicability of certain local requirements relating to the
conversion of buildings; authorizing the commencement of eminent domain
proceedings to acquire a part of the common elements by service of process on
the unit owners association; specifying certain requirements for the recording
of certain documents relating to additional real estate and providing for the
application of certain recording requirements to real estate subject to master
declarations; clarifying certain requirements for the creation of common
interest communities and the recording of CIC plats; modifying certain unit
boundary requirements; clarifying certain requirements for declarations and
modifying certain requirements for expansion of flexible common CICs; clarifying
certain requirements for the allocation of interests; providing for the
combination of units and for the vesting of declaration amendments involving the
conversion of common elements; clarifying certain provisions regulating
termination and the powers and appointment period of master association boards
of directors; modifying certain master declaration content and CIC severance
requirements; clarifying certain provisions regulating unit owners associations,
declarant control and contract termination; voiding certain restrictions on
voting rights; providing for the creation of certain security interests;
modifying the distribution of certain insurance proceeds, certain reserve fund
requirements and certain provisions regulating assessments for common expenses
and liens; modifying certain requirements for the turnover of records;
specifying certain additional purchase agreement notice requirements; clarifying
and expanding certain disclosure statement requirements and increasing the
disclosure statement period, authorizing modification or waiver of the
rescission period by agreement of the purchaser after receipt and review of the
disclosure statement;
authorizing the control of escrow accounts by governmental
agencies or instrumentalities; clarifying the statute of limitations for
warranties, agreements reducing the period of limitation to be binding on the
successor
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