A condominium unit in Minneapolis was created in 1990 and is governed by a declaration recorded under the Minnesota Condominium Act. The current owner, Helen, wants to sell the unit to Buyer Greg. Which statute primarily governs the resale disclosure obligations for this transaction?
Correct Answer
B) Minn. Stat. Ch. 515 (Minnesota Condominium Act), because the unit was created before June 1, 1994
The Minnesota Common Interest Ownership Act (MCIOA), Minn. Stat. Ch. 515B, governs condominiums and common interest communities created on or after June 1, 1994. Because Helen's condominium was created in 1990 — before the June 1, 1994 effective date — it is governed by the older Minnesota Condominium Act, Minn. Stat. Ch. 515. The resale disclosure obligations for this unit would therefore be found in Ch. 515, not Ch. 515B.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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.
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