WRA Legislative Alert: The WRA Supports Condominium Legislation


 October 11, 2017
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The objective of LRB-1800/1 is to provide certainty in the fees condominium associations and/or management companies may charge to produce documents and payoff statements. Many of these fees are excessive.

What's in play

Proposal: LRB 1800/1, designed to provide clarity in the fees that condominium associations and management companies charge to provide disclosure materials and other documents. The WRA will work with legislators to pass this legislation this session.

Note: The title "LRB-1800/1" for this legislation is an introductory title only and is not the official bill number. The WRA will keep you updated on this piece of legislation, including its official number once available as well as its progress through the state legislature.

Background

 

  • Some condominium associations and management companies charge excessive fees to provide condo disclosure materials such as bylaws or rules, and/or to payoff statements to owners.
  • This legislation will limit fees to $30 for all documents and $15 for any updates.
  • LRB-1800/1 will also require the executive summaries to include the following information:¬†
    • The date the summary was prepared.
    • The amount in the reserve balance.
    • Disclose whether the condo association has a first right to purchase the condominium.
    • Disclose any fee charged in connection to the transfer of condominium unit ownership.

 

Bill status

This legislation was introduced by Rep. Ron Tusler (R‚ÄďHarrison) and co-sponsored by Sen. Devin LeMahieu (R‚ÄďOostburg).

The WRA engages in advocacy on behalf of REALTORS¬ģ¬†and property owners through a variety of programs including the REALTORS¬ģ¬†Political Action Committee and the Wisconsin Homeowners Alliance.¬†¬†

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