Wisconsin Statutes 703.26 – Expanding condominiums
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Terms Used In Wisconsin Statutes 703.26
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Land: includes lands, tenements and hereditaments and all rights thereto and interests therein. See Wisconsin Statutes 990.01
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Preceding: when used by way of reference to any statute section, means the section next preceding that in which the reference is made. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
(1) Declarant may reserve right to expand. A declarant may reserve the right to expand a condominium by subjecting additional property to the condominium declaration in such a manner that as each additional property is subjected to the condominium declaration, the percentage of undivided interests in the common elements of the preceding and new property shall be reallocated between the unit owners on the basis of the aggregate undivided interest in the common elements appertaining to the property.
(2) Conditions to which reservation subject. A reservation of the right to expand a condominium is subject to all of the following conditions:
(a) The declaration establishing the condominium describes each parcel of property that may be added to the condominium.
(b)
1. The declaration establishing the condominium shows all of the following:
a. The maximum number of units that may be added to the condominium.
b. The percentage interests in the common elements, the liabilities for common expenses, and the rights to common surpluses appurtenant to each unit following the addition of property to the condominium.
c. The number of votes appurtenant to each unit following the addition of property to the condominium, if added.
2. The information under subd. 1. b. and c. may be shown by reference to a formula or other appropriate method of determining them following each expansion of the condominium.
(c) The plat for the original condominium includes the outlines of the land and, in general terms, the location of the buildings and common elements of new property that may be added to the condominium.
(d) The right to expand the condominium is reserved in the declaration for a period not exceeding 10 years from the date of recording of the declaration.
(3) Recording amendments and addenda.
703.26(3)(a) (a) If the conditions of sub. (2) are met, property may be added to a condominium if the declarant records all of the following:
1. An amendment that shows the new percentage interests of the unit owners and the votes that each unit owner may cast in the condominium as expanded.
2. An addendum that includes the detail and information concerning the new property that is required for a plat under s. 703.11 (2), (3), and (4).
(b) On recording of an amendment and an addendum under par. (a), each unit owner, by operation of law, has all of the following:
1. The percentage interests in the common elements, liabilities in the common expenses, and rights to common surpluses, as set forth in the amendment.
2. The number of votes appurtenant to the unit owner’s unit, as set forth in the amendment.
(c) Following any expansion, the interest of any mortgagee shall attach, by operation of law, to the new percentage interests in the common elements appurtenant to the unit on which it is a lien.
(d) Property included in a reservation of the right to expand is not subject to the condominium declaration and is not part of the condominium until an amendment and addendum adding the property to the condominium are recorded.