Summary of Kentucky Condo Act
Benefits of the Kentucky Condo Act
Condominiums, patio homes and lofts are a quickly growing housing start.
The proposed Kentucky Condo Act helps all consumers with:
• Full Financial Disclosure
• Consumer Protection
• Property Value Protection
• Gaining Peace of Mind
Current condo problems can cause a decline in property values
Many owners and potential buyers do not know the FULL EXTENT of potential looming
financial shortfalls at condominium associations. Some problems include:
• Lack of strong paid management
• Lack of a dedicated, excellent volunteer board of directors
• Monthly fees that may be too low to sustain the property
The result can be a decline in property values, and sometimes a steep decline as the
property ages.
A sensible first step, for a Kentucky solution
The Uniform Condominium Act has existed in most "urbanized" state for 20+ years.
The act requires all associations to:
• Keep up-to-date, standard financial records such as
o An annual operating budget and balance sheet
o Statement of insurance
• Disclose needed capital repairs
• Disclose the amount of money held in reserve
• Finances would be uniform at all associations in the state
• Helps lenders and buyers know what they are getting into
For more information:
Please see our website at www.KentuckyCondoLaw.org
• See the full 80-page proposed Kentucky Condo Act
• See the 70-slide PowerPoint explaining features and benefits of the Kentucky
Condo Act
For more information, contact John@KentuckyCondoLaw.org
www.KentuckyCondoLaw.org
Rev 11-24-07
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