Connecticut General Statutes 47-76 – Allocation of profits and expenses
(a) The common profits of the condominium shall be distributed among the unit owners according to the percentage of the undivided interest in the common elements or be credited to their assessments for common expenses according to the stated percentage, or be used for any other purpose as the association of unit owners decides.
Terms Used In Connecticut General Statutes 47-76
- Association of unit owners: means all of the unit owners acting as a group in accordance with the condominium instruments. See Connecticut General Statutes 47-68a
- Common elements: means all portions of the condominium other than the units. See Connecticut General Statutes 47-68a
- Common expenses: means and includes: (1) Expenses of administration, maintenance, repair or replacement of the common elements. See Connecticut General Statutes 47-68a
- Common profits: means the balance of all income, rent, profits and revenues from the common elements remaining after the deduction of the common expenses. See Connecticut General Statutes 47-68a
- Condominium: means real property and any incidents thereto and interests therein, lawfully submitted to this chapter by the recordation of condominium instruments pursuant to the provisions of this chapter. See Connecticut General Statutes 47-68a
- Condominium instruments: means the declarations, bylaws, survey maps and plans recorded and filed pursuant to the provisions of this chapter. See Connecticut General Statutes 47-68a
- Declarant: means the person or persons who execute the declaration or on whose behalf the declaration is executed. See Connecticut General Statutes 47-68a
- Improvements: means any construction on or in any land included in the condominium, including, but not limited to, roads, buildings, poles, wires, sewers, drains, clubhouses, swimming pools, tennis courts, man-made lakes, ponds and watercourses. See Connecticut General Statutes 47-68a
- Unit: means a part of the property including one or more rooms or designated spaces located on one or more floors or a part or parts thereof in a building, intended for any type of independent use, and with a direct exit to a public street or highway or to common elements leading to such street or highway. See Connecticut General Statutes 47-68a
- Unit owner: means the person or persons owning a condominium unit or leasing a unit in a leasehold condominium, as hereinafter provided, and an undivided interest in the common elements specified and established in the declaration and the heirs, executors, administrators, successors and assigns of such person or persons, and a mortgagee or lienholder holding both legal and equitable title. See Connecticut General Statutes 47-68a
(b) Funds for the payment of current common expenses and for the creation of reserves for the payment of future common expenses and funds for improvements, replacements and additions shall be obtained by assessments against the unit owners in proportion to their percentage interests in the common elements; provided any declarant who owns a unit occupied by a holdover tenant may increase the rent of such tenant only by the amount of any such assessment for the payment of current common expenses not already included in the rent.
(c) Except as provided otherwise by the condominium instruments, any expenses associated with the maintenance, repair, renovation, restoration or replacement of any limited common element shall be common expenses, provided no expenses for repairs or reconstruction of units which occur prior to the original sale of the unit by the declarant shall be considered as a common expense.
(d) To the extent that the condominium instruments expressly so provide, any other costs incurred by the association caused by the negligence or wilful misconduct of any unit owner or his licensee or invitees, or for a specific service rendered to a unit owner which is different from services regularly rendered to all unit owners, shall be specially assessed against said unit owner in accordance with such reasonable provisions as the condominium instruments may make for such cases.