HB410 Alabama 2015 Session

Summary

Primary Sponsor

Randy Davis

Republican

Session

Regular Session 2015

Title

Uniform Condominium Act, define terms, required in state escrow agent, withdrawals limited, written notice required, Sec. 35-8A-410 am'd.

Description

Under existing law, after the time has passed for a purchaser to cancel a condominium contract, certain deposits may be withdrawn for construction purposes.

This bill would define certain terms involved in a condominium contract.

This bill would require that the escrow agent be located in state and that a declarant may accept a letter of credit in lieu of a portion or all of the deposit.

This bill would allow a declarant to withdraw certain deposits to pay hard costs associated with construction under certain circumstances and would limit the withdrawal.

This bill would require that the contract provide clear written notice that certain deposits may be used for certain hard costs.

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Subjects

Condominiums