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A bill proposed to amend regulations regarding warranties against structural defects in condominiums in the District of Columbia, including provisions for the security posted by developers and declarants.
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How to fill out condominium warranty bond amendment
How to fill out Condominium Warranty Bond Amendment Act of 2007
01
Obtain the Condominium Warranty Bond Amendment Act of 2007 form from the appropriate government or regulating body.
02
Review the instructions accompanying the form to understand the requirements.
03
Fill in the general information section, including the name and address of the condominium association.
04
Provide details about the developer, including their contact information.
05
Include specific information about the condominium units covered under the warranty bond.
06
State the duration of the warranty period as specified by the act.
07
Indicate the amount of the bond and attach evidence of financing if required.
08
Ensure all signatures from authorized members of the condominium association are included.
09
Submit the completed form and any necessary documents to the designated authority by the deadline.
Who needs Condominium Warranty Bond Amendment Act of 2007?
01
Condominium developers who need to secure financing for construction.
02
Condominium associations who require protection against construction defects.
03
Homeowners buying into new condominium developments for warranty assurances.
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People Also Ask about
What is the inium Act in DC?
The District of Columbia's inium Act and Horizontal Property Act govern iniums and cooperative housing respectively. These laws outline the rights and responsibilities of inium owners and associations. Under the inium Act, associations must maintain common areas and establish clear rules.
What is the warranty of habitability in DC?
The landlord must ensure that the rental unit and all common areas are safe and sanitary as of the first day of the tenancy. This is known as the warranty of habitability. This warranty is implied into every lease in the District, and is also explicitly required by District regulations.
What is the DC inium Act warranty?
Under the inium Act, a developer secures the warranty obligations by posting a bond, a letter of credit or cash in the amount of 10 percent of the estimated construction or conversion costs in order to satisfy potential structural defect claims.
What is the inium Act in DC?
The District of Columbia's inium Act and Horizontal Property Act govern iniums and cooperative housing respectively. These laws outline the rights and responsibilities of inium owners and associations. Under the inium Act, associations must maintain common areas and establish clear rules.
What is the conversion fee for a condo in DC?
A Conversion Fee of 5% of the sales price of each unit will be paid when the deeds are recorded.
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What is Condominium Warranty Bond Amendment Act of 2007?
The Condominium Warranty Bond Amendment Act of 2007 is legislation that modifies warranty bond requirements for condominium developers, ensuring consumer protection and financial accountability.
Who is required to file Condominium Warranty Bond Amendment Act of 2007?
Condominium developers who are constructing or selling units in a condominium project are required to file under the Condominium Warranty Bond Amendment Act of 2007.
How to fill out Condominium Warranty Bond Amendment Act of 2007?
To fill out the Condominium Warranty Bond Amendment Act of 2007, developers must provide specific details about the condominium project, including the bond amount, the parties involved, and a description of the construction work.
What is the purpose of Condominium Warranty Bond Amendment Act of 2007?
The purpose of the Condominium Warranty Bond Amendment Act of 2007 is to protect buyers by ensuring that they have recourse in the event of defects in construction and to establish accountability for developers.
What information must be reported on Condominium Warranty Bond Amendment Act of 2007?
The information that must be reported includes the developer's name, project details, bond amount, duration of the bond, and any claims made against the bond.
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