703.155 Master associations. (1) Definition. In this section, “master association” means a profit or nonprofit corporation or unincorporated association which exercises the powers under s. 703.15 (3) on behalf of one or more condominiums or for the benefit of the unit owners of one or more condominiums. (2) Delegation. If a declaration provides that any […]
703.16 Common expenses and common surpluses. (1) Disposition of common surpluses. All common surpluses of the association shall be credited to the unit owners’ assessments for common expenses in proportion to their percentage interests in the common elements or as otherwise provided in the declaration or shall be used for any other purpose as the […]
703.161 Annual budget. (1) Application. This section applies to any condominium that includes at least one unit that is restricted to residential use. (2) Requirement. An association annually shall adopt and distribute to all unit owners an annual budget setting forth all of the following: (a) All anticipated common expenses and any amounts to be […]
703.163 Statutory reserve account. (1) Definitions. In this section: (a) “Reserve funds” means funds derived from assessments against unit owners that are deposited in a statutory reserve account. The term does not include funds for ordinary operations, including amounts held for operational contingencies. (b) “Statutory reserve account” means a separate account established under this section […]
703.165 Lien for unpaid common expenses, unpaid damages, and unpaid penalties. (1) Definition. In this section, “assessments” means regular and special assessments for common expenses and charges, fines, or assessments against specific units or unit owners for damages to the condominium or for penalties for violations of the declaration, bylaws, or association rules. (2) Liability […]
703.17 Insurance. (1) An association shall obtain insurance for the property against loss or damage by fire and such other hazards for not less than full replacement value of the property insured and a liability policy covering all claims commonly insured against. Insurance coverage shall be written on the property in the name of the […]
703.18 Repair or reconstruction. (1) A declaration shall provide for the repair or reconstruction of the common elements in the event of damage to all or part of the common elements of the condominium. (2) (a) Unless otherwise provided in the declaration, in the event of damage to or destruction of common elements of a […]
703.19 Eminent domain. (1) Definition. In this section, “taking under the power of eminent domain” includes any sale in settlement of any pending or threatened condemnation proceeding. (2) Allocation of award; provisions in declaration or bylaws. A declaration or bylaws may provide for an allocation of any award for a taking under the power of […]
703.195 Acquisition of common elements by condemnors. (1) Definitions. In this section: (a) “Acquire” means to obtain title to real property by purchase or condemnation. (b) “Common elements” means all of a condominium except its units and any limited common elements. (c) “Condemnor” means a person who has the authority to condemn property under ch. […]
703.20 Association records; inspection by unit owners; financial audits. (1) Record keeping. (a) Minutes and records of action; condominium documents. An association shall keep all of the following records: 1. Minutes of meetings of the association and of the board of directors of the association, which the association shall keep for at least 6 years. […]
703.202 Access to records of association-controlled entity. (1) In this section: (a) “Control” means to directly or indirectly do any of the following: 1. Own more than 50 percent of the ownership interest of an entity. 2. Have a controlling interest in an entity. 3. Have the power to direct or cause the direction of […]
703.205 Establishing fee amounts charged by association. (1) Limitations on charging certain fees. An association may charge, or increase the amount of, the following fees only if the association follows the procedures under sub. (2): (a) A fee for furnishing the disclosure information under s. 703.33 (1), (1m), and (2) that is greater than the […]
703.21 Separate taxation. (1) Every unit and its percentage of undivided interest in the common elements shall be deemed to be a parcel and shall be subject to separate assessments and taxation by each assessing unit and special district for all types of taxes authorized by law including, but not limited to, special levies based […]
703.22 Construction and suppliers’ liens. (1) Subsequent to recording a declaration under this chapter and while the property remains subject to this chapter, any and all liens will exist only against individual units and the percentage of undivided interest in the common elements appurtenant to such unit, in the same manner and under the same […]
703.23 Resident agent; exemption of unit owners from liability. (1) Appointment of resident agent; change in name or address. When any property is submitted to a condominium declaration, the declarant shall appoint a resident agent for the condominium who shall be a citizen and actual resident of the state or corporation duly registered or qualified […]
703.24 Remedies for violations by unit owner or tenant of a unit owner. (1) Definition. In this section, “violation” means failure to comply with this chapter or the declaration, bylaws, or association rules. (2) Liability for unit owner violation. A unit owner who commits a violation is liable for any charges, fines, or assessments imposed […]
703.245 Association-unit owner dispute; notice required. (1) Definitions. In this section: (a) “Claim” means a request or demand by an association or unit owner for a remedy related to a dispute. (b) “Direct negotiation” has the meaning given in s. 802.12 (1) (b). (c) “Dispute” means a disagreement between an association and a unit owner […]
703.25 Tort and contract liability. (1) An action for tort alleging a wrong done by any agent or employee of a declarant or of an association, or in connection with the condition of any portion of a condominium which a declarant or an association has the responsibility to maintain, shall be brought against the declarant […]
703.26 Expanding condominiums. (1) Declarant may reserve right to expand. A declarant may reserve the right to expand a condominium by subjecting additional property to the condominium declaration in such a manner that as each additional property is subjected to the condominium declaration, the percentage of undivided interests in the common elements of the preceding […]
703.265 Addendum to plat to reflect changes in building codes or zoning ordinances. (1) If the revision or adoption of a building code or zoning ordinance prevents or substantially affects the construction of a unit or common elements as platted, the declarant may reasonably modify the condominium plat, by addendum, to the extent necessary to […]
