Bill > HB1132

This bill, the Keeping Affordable Housing Affordable Act, modifies requirements for resale contracts of condominiums and homeowners associations (HOAs) to provide greater protection and clarity for purchasers. Key provisions include extending the deadline for sellers to provide required disclosures to purchasers from 15 days before closing to within 20 calendar days after entering into the contract, and mandating that sellers notify purchasers of any changes in mandatory fees or payments exceeding 10% of the previously stated amount, or any other substantial and material changes to disclosures, as soon as they become known. Additionally, the bill adjusts the fees that condominium councils of unit owners or HOAs can charge for providing these disclosures, capping certain fees and allowing for a reasonable fee for expedited delivery or financial updates. It also shortens the window for a purchaser to cancel a contract after receiving all required disclosures from 7 days to 5 days.