General Assembly Raised Bill No. 5265 seeks to improve accountability and transparency in the financial management of common interest communities. The bill allows unit owners, representing at least twenty percent of the association's votes, to petition the Superior Court for an independent audit of financial records if they suspect financial fraud or misuse of funds. This petition must include a signed opinion from a certified public accountant indicating evidence of misconduct, with the costs of the audit to be covered by the petitioning owners. Additionally, associations are permitted to charge reasonable fees for providing financial records to auditors and can recover attorney's fees incurred during the audit process.

The legislation also revises existing disclosure requirements for property sales within common interest communities. It repeals certain outdated provisions and introduces new requirements for sellers to provide detailed information about the property, including its status in the community and any associated fees. For communities with more than twelve units, buyers are encouraged to obtain a "Resale Certificate" and a report on reserve funds. The bill caps fees for preparing and recording lender questionnaires at one hundred dollars and outlines the powers of associations, including the ability to impose late fees and fines, while also placing limitations on their rights to suspend privileges of unit owners for non-payment. These changes are set to take effect on October 1, 2026, aiming to ensure fair governance and protect the rights of unit owners.