Idaho Code 55-15 (Condominium Property Act)
Idaho's Condominium Property Act governs the creation, declaration, bylaws, and administration of condominium projects in the state. It covers common area ownership and use, assessments and liens for unpaid charges, and the powers and duties of the condominium's management body. The act includes a section requiring the management body to give unit owners an account statement and an annual disclosure of transfer related fees, which serves as Idaho's resale related financial disclosure mechanism for condominiums rather than a separate resale certificate package.
Idaho Code 55-1528 (Statement of Account and Disclosure of Fees)
Requires a condominium's management body to furnish a unit owner or the owner's agent a statement of the owner's assessment account on request, and to issue an annual disclosure of any fees that will be charged in connection with a transfer of ownership. The statute sets a delivery deadline for the account statement and caps transfer related fees at the amount previously disclosed.
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