SB257 Alabama 2015 Session

Sponsors

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

<p class="bill_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Under existing law, after the time has passed for a purchaser to cancel a condominium contract, certain deposits may be withdrawn for construction purposes</p><p class="bill_description"> This bill would define certain terms involved in a condominium contract</p><p class="bill_description"> 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</p><p class="bill_description"> 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</p><p class="bill_description"> This bill would require that the contract provide clear written notice that certain deposits may be used for certain hard costs</p><p class="bill_entitled_an_act"> To amend Section 35-8A-410, Code of Alabama 1975, relating to the Alabama Uniform Condominium Act; to define certain terms relating to escrow and building costs; to specify conditions of escrow deposit and use; and to require written notice in the contract that deposits may be used under certain conditions. </p>

Subjects

Condominiums