Scotsmoor

Key facts from Scotsmoor's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

site condominium project under the Michigan Condominium Act (Preamble and Article I)

Legal name

Scotsmoor Condominium Association, a Michigan non-profit corporation (Article I, Section 1.1 and Article III ()

Developer / declarant

Scotsmoor Developers, L.L.C., a Michigan limited liability company (Preamble and Article III (k))

Governing law

Michigan Condominium Act, Act 59 of 1978, as amended (Preamble and Article III (a))

Assessments & dues

Set annually by Board based on budget; not a fixed amount (Bylaws Article II, Section 2.2(a))

Special assessments

Needs approval of more than 2/3 of all co-owners; also exists for Board in emergency or for additions >$5000 annually (Bylaws Article II, Section 2.2(b))

Collections & liens

Unpaid assessments constitute a lien on the unit; can be foreclosed by judicial action or advertisement; redemption period 6 months (or 1 month if abandoned); attorney fees and costs included (Bylaws Article II, Section 2.5)

Reserves & fees

At least 10% of current annual budget, noncumulative; funded by regular semi-annual payments (Bylaws Article II, Section 2.2(a))

Voting & meetings

Each co-owner entitled to vote; percentage of value determines vote weight; one vote per unit owned; voting by value or by number and value (Article III (q) and Article V, Section 5)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.