Tennessee Condominium Act of 2008

For readers interested in Condominium issues,the Tennessee legislature has enacted the Tennessee Condominium Act of 2008 effective January 1, 2009. This is a comprehensive revison of the condominium law in Tennessee and replaces the old Horizontal Property Act as to new condominiums. It generally does not affect condominiums in existence at the time this law goes into effect except for a few provisions which apply to all condominiums in the state. However, it does leave room for existing condominiums to adopt the new law. A few key provisions are as follows:1) Condominiums will be created by a declaration instead of a master deed 2) Units and limited comon elements are more specifically defined by statute 3) In the event a conflict exists between the declaration and by-laws the declaration will generally prevail 4) It defines the plan or survey to be attached to the declaration which will clearly designate the units and the common elements 5) Sets a minimum approval of 67% of the owners to amend the declaration 6)Provides for a master association in more complex developments 7) States specifically the powers of the owners association and the board of directors 8) Sets a statutory quorum for association meetings 9) Requires a specific vote of the owners to convey or encumber common elements and 10) creates an automatic lien for common expenses or assessments from the time they become due.I will be glad to answer any questions you may have about the new act.