A developer in the Twin Cities metro area created a new planned community in 1998 with 45 townhome units. A buyer is purchasing one of these units today. Which Minnesota statute primarily governs the resale disclosure requirements and association governance for this community?
Correct Answer
B) Minnesota Common Interest Ownership Act (MCIOA), Minn. Stat. Ch. 515B, because the community was created after June 1, 1994.
The Minnesota Common Interest Ownership Act (MCIOA), Minn. Stat. Ch. 515B, governs common interest communities — including condominiums, townhomes, and planned communities — that were created on or after June 1, 1994. Since this planned community was created in 1998, it falls squarely under MCIOA. MCIOA covers resale disclosure requirements, association powers, assessment liens, and buyers' right of rescission.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
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