Amending Governing Documents is HARD!
The General Assembly of Maryland is reviewing a bill to change the real property act (condominium and HOA) to make the process of amending documents a little easier.
“If the declaration contains a provision requiring any action on the part of the holder of a mortgage or deed of trust on a unit in order to amend the declaration, that provision shall be deemed satisfied if the procedures … are satisfied.”
The procedures are:
- Notify the holder of the mortgage or deed of trust of the proposed amendment
- If the holder of the mortgage or deed of trust does not object in writing within 60 days of receipt, that would be considered as consent to adopt the amendment
The Community Association Institute Chesapeake Chapter has a Maryland Legislative Action Committee that is requesting its members support this legislation.
There is a hearing on March 5 in Annapolis and the committee is urging CAI members to attend or send letters to your representatives.
More information on the bill can be found here.
The General Assembly of Maryland is hard at work and it’s great to see the Maryland LAC actively supporting community association legislation.
Do your governing documents require actions of the mortgagee or deed of trust holder? This is an ideal time to reread the declaration to be sure you’re compliant.
