SB550: Bill Text

SB550,17,19 703.26 (2) (a) A The declaration establishing a the condominium shall describe describes each parcel of property which that may be added to the condominium.

SB550,48 Section 48. 703.26 (2) (b) of the statutes is renumbered 703.26 (2) (b) 1. (intro.) and amended to read:

SB550,17,23 703.26 (2) (b) 1. (intro.) A The declaration establishing a the condominium shall show the shows all of the following:

SB550,17,25 a. The maximum number of units which that may be added, and the to the condominium.

SB550,18,3 b. The percentage interests in the common elements, the liabilities for common expenses, and the rights to common surpluses , and the appurtenant to each unit following the addition of property to the condominium.

SB550,18,7 c. The number of votes appurtenant to each unit following the addition of property to the condominium, if added. The percentage interests in the common elements, the liabilities for common expenses and the rights to common surpluses, and the number of votes that each unit owner will have

SB550,18,10 2. The information under subd. 1. b. and c. may be shown by reference to a formula or other appropriate method of determining them following each expansion of the condominium.

SB550,49 Section 49. 703.26 (2) (c) of the statutes is amended to read:

SB550,18,15 703.26 (2) (c) A condominium The plat for an the original condominium shall include, in general terms, includes the outlines of the land, and, in general terms, the location of the buildings, and common elements of new property that may be added to the condominium.

SB550,50 Section 50 . 703.26 (2) (d) of the statutes is amended to read:

SB550,18,19 703.26 (2) (d) In a declaration establishing a condominium, a The right to expand the condominium may be is reserved in the declaration for a period not exceeding 10 years from the date of recording of the declaration.

SB550,51 Section 51. 703.26 (3) of the statutes is amended to read:

SB550,18,23 703.26 (3) Recordation of Recording amendments to declaration and plat addenda. (a) If the conditions of sub. (2) are complied with met, property may be added to a condominium if the declarant records an all of the following:

SB550,19,3 1. An amendment to the declaration, showing that shows the new percentage interests of the unit owners, and the votes which that each unit owner may cast in the condominium as expanded, and records an.

SB550,19,6 2. An addendum to the condominium plat that includes the detail and information concerning the new property as required in the original condominium that is required for a plat under s. 703.11 (2), (3), and (4).

SB550,19,8 (b) On recording of an amendment of a declaration and an addendum to a plat under par. (a), each unit owner, by operation of law, has the all of the following:

SB550,19,11 1. The percentage interests in the common elements, liabilities in the common expenses, and rights to common surpluses, and shall have the as set forth in the amendment.

SB550,19,13 2. The number of votes, appurtenant to the unit owner's unit, as set forth in the amendment to the declaration.

SB550,19,16 (c) Following any expansion, the interest of any mortgagee shall attach, by operation of law, to the new percentage interests in the common elements appurtenant to the unit on which it is a lien.

SB550,52 Section 52. 703.26 (3) (d) of the statutes is created to read:

SB550,19,20 703.26 (3) (d) Property included in a reservation of the right to expand is not subject to the condominium declaration and is not part of the condominium until an amendment and addendum adding the property to the condominium are recorded.

SB550,53 Section 53. 703.265 (3) of the statutes is amended to read:

SB550,19,23 703.265 (3) An addendum made under this section shall be recorded as provided under s. 703.095 (2).

SB550,54 Section 54 . 703.275 (1) (title) of the statutes is renumbered 703.275 (1m) (title).

SB550,55 Section 55. 703.275 (1) of the statutes is renumbered 703.275 (1m) (a) and amended to read:

SB550,20,12 703.275 (1m) (a) Any 2 or more condominiums, including 2 or more small condominiums or any combination of small condominiums and other condominiums, by agreement of the unit owners as provided in this section, may be merged or consolidated into a single condominium. Unless the agreement otherwise provides, the resultant condominium resulting from a merger or consolidation is, for all purposes, the legal successor of all of the preexisting condominiums and the operations and activities of all associations of the preexisting condominiums shall be merged or consolidated into a single association which shall hold all powers, rights, obligations, assets and liabilities of the preexisting associations. The resultant condominium must shall bear the name of one of the preexisting condominiums.

SB550,56 Section 56. 703.275 (1c) of the statutes is created to read:

SB550,20,14 703.275 (1c) Definitions. In this section:

SB550,20,16 (a) “Preexisting condominium” means a condominium that existed before a merger or consolidation under this section.

SB550,20,19 (b) “Restatement of the declaration of a resultant condominium” means an amendment to the declaration of the preexisting condominium that bears the same name as the resultant condominium that complies with s. 703.09.

SB550,20,21 (c) “Resultant condominium” means a condominium that results from a merger or consolidation under this section.

SB550,20,24 (d) “Resultant condominium plat” means an addendum to the plat of the preexisting condominium that bears the same name as the resultant condominium that complies with s. 703.11.

SB550,57 Section 57. 703.275 (1m) (b) of the statutes is created to read:

SB550,21,3 703.275 (1m) (b) 1. Except as otherwise provided in this section, a resultant condominium may be created only by recording all of the following, as provided under s. 703.07:

SB550,21,5 a. A restatement of the declaration of the resultant condominium that includes the merger or consolidation agreement.

SB550,21,6 b. A resultant condominium plat.

SB550,21,8 2. a. The documents under subd. 1. shall be presented together to the register of deeds for recording.

SB550,21,11 b. The register of deeds may not record a resultant condominium plat without the restatement of the declaration of the resultant condominium and the merger or consolidation agreement.

SB550,21,19 c. On the plat of each preexisting condominium that is merged or consolidated to create a resultant condominium, the register of deeds shall reference the document number of the resultant condominium plat and, if the plat of the resultant condominium is assigned a volume and page number, the volume and page where the resultant condominium plat is recorded and shall note that the preexisting condominium was merged or consolidated. In a county that maintains a tract index pursuant to s. 59.43 (12m), the register of deeds shall make references to document numbers in the tract index.

SB550,58 Section 58. 703.275 (5) of the statutes is repealed.

SB550,59 Section 59 . 703.28 (1m) (a) of the statutes is repealed.

SB550,60 Section 60 . 703.28 (1m) (b) of the statutes is renumbered 703.28 (1m) and amended to read:

SB550,22,3 703.28 (1m) Before a certified survey map, condominium plat, subdivision plat or other plat may be recorded and filed for the same property that is subject to a condominium declaration, the condominium shall first be removed from the provisions of this chapter by recording a removal instrument. This subdivision does not apply to a merger or consolidation under s. 703.275.

SB550,61 Section 61 . 703.30 (2) of the statutes is amended to read:

SB550,22,12 703.30 (2) Substantial conformity of condominium instruments and bylaws sufficient. The provisions of any condominium instruments and bylaws filed recorded under this chapter shall be liberally construed to facilitate the creation and operation of the condominium. So long as the condominium instruments and bylaws substantially conform with the requirements of this chapter, no variance from the requirements shall affect the condominium status of the property in question nor the title of any unit owner to his or her unit, votes and percentage interests in the common elements and in common expenses and common surpluses.

SB550,62 Section 62 . 703.365 (3m) of the statutes is amended to read:

SB550,22,19 703.365 (3m) Agreement in lieu of bylaws. If approved by written consent of all of the unit votes of a small condominium, an agreement may be substituted for the bylaws under sub. (3). The terms of the agreement shall include the requirements of sub. (3) (a) to (d) and shall be consistent with this section. An amendment to an agreement may be made with the affirmative vote or written consent of all 75 percent of the unit votes of the small condominium.

SB550,63 Section 63. 706.01 (7r) (b) of the statutes is amended to read:

SB550,22,22 706.01 (7r) (b) By condominium name, and unit number, and appurtenance number in a platted condominium development.

SB550,64 Section 64. Initial applicability.

SB550,23,3 (1) Recording and indexing requirements. The treatment of ss. 703.065, 703.07 (2), and 703.12 first applies to deeds and other instruments that are submitted for recording on the effective date of this subsection.

SB550,23,6 (2) Bylaws. The treatment of s. 703.10 (5) first applies to an amendment to condominium bylaws that is approved under s. 703.10 on the effective date of this subsection.

SB550,23,9 (3) Local ordinance; review of condominium instruments. The treatment of s. 703.115 (1) (a) and (b) first applies to an ordinance adopted on the effective date of this subsection.

SB550,65 Section 65 . Effective date.

SB550,23,12 (1) This act takes effect on first day of the 7th month beginning after publication.

SB550,23,13 (End)