COMMON INTEREST COMMUNITY BOARD

The Common Interest Community Board became effective on July 1, 2008. The Board was established to regulate Common Interest Community Managers and their supervisory and managerial employees. Also included under the Common Interest Community Board are the Condominium Act, the Real Estate Time-Share Act, the Real Estate Cooperative Act, and the Property Owners´ Association Act. The Common Interest Community Board regulates the sale of new condominiums and time-shares. The Condominium Act and the Real Estate Time-Share Act cover transactions occurring within the Commonwealth, even if the property involved is located outside the Commonwealth.

Additionally, property owner, condominium, and cooperative associations are required to file annual reports with the Common Interest Community Board. The fees from the annual reports go to fund the Common Interest Community Management Information Fund, which in turn helps to fund the Common Interest Community Management Recovery Fund.

Please note that the Condominium Act, the Real Estate Time-Share Act, the Real Estate Cooperative Act, and the Property Owners´ Association Act are still listed under the Real Estate Board until such time as the newly-created Common Interest Community Board has the opportunity to promulgate regulations. Please see the Frequently Asked Questions to obtain more information about the Common Interest Community Board.

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