(a) The association shall keep:
(1) detailed financial records that comply with generally accepted accounting principles and that are sufficiently detailed to enable the association to prepare a resale certificate under § 82.157;
(2) the plans and specifications used to construct the condominium except for buildings originally constructed before January 1, 1994;
(3) the condominium information statement prepared under § 82.152 and any amendments;
(4) the name and mailing address of each unit owner;
(5) voting records, proxies, and correspondence relating to amendments to the declaration; and
(6) minutes of meetings of the association and board.
(b) All financial and other records of the association shall be reasonably available at its registered office or its principal office in this state for examination and production in accordance with § 82.1141.
Terms Used In Texas Property Code 82.114
- Association: means the unit owners' association organized under § 82. See Texas Property Code 82.003
- Board: means the board of directors or the body, regardless of name, designated to act on behalf of the association. See Texas Property Code 82.003
- Condominium: means a form of real property with portions of the real property designated for separate ownership or occupancy, and the remainder of the real property designated for common ownership or occupancy solely by the owners of those portions. See Texas Property Code 82.003
- Declarant: means a person, or group of persons acting in concert, who:
(A) as part of a common promotional plan, offers to dispose of the person's interest in a unit not previously disposed of; or
(B) reserves or succeeds to any special declarant right. See Texas Property Code 82.003 - Declaration: means an instrument, however denominated, that creates a condominium, and any amendment to that instrument. See Texas Property Code 82.003
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Unit: means a physical portion of the condominium designated for separate ownership or occupancy, the boundaries of which are described by the declaration. See Texas Property Code 82.003
- Unit owner: means a declarant or other person who owns a unit, or a lessee of a unit in a leasehold condominium whose lease expires simultaneously with any lease the expiration or termination of which will remove the unit from the condominium, but does not include a person having an interest in a unit solely as security for an obligation. See Texas Property Code 82.003
(c) The association shall, as a common expense, annually obtain an independent audit of the records. Copies of the audit must be made available to the unit owners. An audit required by this subsection shall be performed by a certified public accountant if required by the bylaws or a vote of the board of directors or a majority vote of the members of the association voting at a meeting of the association.
(d) A declarant shall furnish copies to the association of the information required by Subsection (a) on the date the first unit is sold.
(e) Not later than the 30th day after the date of acquiring an interest in a unit, the unit owner shall provide the association with:
(1) the unit owner’s mailing address, telephone number, and driver’s license number, if any;
(2) the name and address of the holder of any lien against the unit, and any loan number;
(3) the name and telephone number of any person occupying the unit other than the unit owner; and
(4) the name, address, and telephone number of any person managing the unit as agent of the unit owner.
(f) A unit owner shall notify the association not later than the 30th day after the date the owner has notice of a change in any information required by Subsection (e), and shall provide the information on request by the association from time to time.
Certainly! The excerpt you provided falls within the legal framework outlined in the Texas Property Code related to condominiums and their respective associations. I'll break down the concepts and terms used in the article:
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Condominium: A form of real property divided into portions for separate ownership and common areas shared among the owners.
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Association: Refers to the unit owners' association responsible for managing and maintaining the condominium complex.
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Unit Owner: An individual or entity that owns a unit within the condominium.
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Declarant: The party who establishes the condominium and offers the units for sale.
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Declaration: The legal instrument that establishes the condominium and its governing rules.
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Board: The body or directors designated to act on behalf of the association.
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Lien: A claim against property to satisfy a debt.
Now, let's delve into the obligations and requirements outlined in the text:
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Detailed Records: The association is mandated to maintain detailed financial records complying with accounting principles, including specific documents like plans, specifications used in construction, condominium information statements, unit owner details, voting records, and meeting minutes.
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Availability of Records: All financial and other records must be reasonably available at the association's registered or principal office in the state for examination and production.
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Auditing: An independent audit of records as a common expense is required annually. The audit copies should be accessible to unit owners. The audit is performed by a certified public accountant if specified in the bylaws or mandated by a vote.
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Declarant's Responsibilities: The declarant must provide specific information to the association upon the sale of the first unit.
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Unit Owner Responsibilities: Unit owners must provide certain information to the association within 30 days of acquiring an interest in a unit, including personal details, lien information, occupants' details, and unit management details. Additionally, they're required to notify the association of any changes in this information.
This section of the Texas Property Code emphasizes the responsibilities of both the association and the involved parties (declarants and unit owners) regarding record-keeping, information disclosure, and governance within condominiums.
