Significant Aspects of Revised Act |
Item |
Description |
2003 Wis. Act 283/Wis. Stat. Reference |
Statutory Reserve Account |
By May 1, 2006, existing associations must establish a statutory reserve account to hold reserve funds for repair or replacement of common elements. |
§ 33 703.163 |
Annual Budget |
Condominium associations must establish and distribute an annual budget. |
§ 32 703.161 |
Executive Summary |
Condominium unit seller must provide to a buyer an "executive summary" (prepared by association or declarant) containing specific information (prescribed in the statute). |
§§ 49, 50 703.33(1) (h)703.33(1m) |
Real Estate Condition Report Addendum |
Unit seller is to provide an addendum containing statutorily-prescribed information to supplement disclosure duties under Wis. Stat. ch. 709. |
§ 69 709.02(2) |
Assessments Expanded |
Scope of condominium liens is widened; "assessments" definition is expanded to include special assessments and assessments for damage or penalties for violating condominium rules. |
§§ 31, 34 703.165(1) 703.165(2) |
Tenant Regulation/Unit Owner Liability |
Tenants that occupy a leased condominium unit must comply with the association declaration, bylaws, and rules. Unit owner landlords may be liable for a tenant's fine or assessment if the tenant fails to pay. |
§§ 38, 48 703.24703.315 |
Declaration - First Mortgagee Approval |
First mortgagees are required to sign initial declaration establishing the condominium. |
§ 11 703.09(1c) |
Amendment of Declaration |
Amount necessary to amend declaration is changed from 2/3 of unit owners to 2/3 of the aggregate of all unit votes. Written first mortgagee approval is required. An alternative amendment procedure is established. |
§§ 14, 16 703.09(2)703.093 |
Eminent Domain Proceedings |
Government condemnors are no longer required to obtain the consent of all unit owners but may negotiate directly with the association. The association's right to appeal a taking is repealed and vested solely in unit owners. |
§ 36 703.195 |
Small Condominium Definition |
The definition of "small condominium" is changed from 4 residential units or less to 12 units or less, whether residential or commercial. This is significant because small condominiums are afforded streamlined procedures. |
§ 3 703.02(14m) |