This bill amends Minnesota Statutes to prohibit common interest communities from charging fees for estoppel letters or certificates. Specifically, it modifies section 513.73, subdivision 3, by removing the allowance for homeowner's associations to charge fees for these documents. The bill introduces new legal language under section 515B.1-118, which explicitly states that associations or their authorized agents cannot charge any fees for the preparation or delivery of estoppel letters or certificates, rendering any unauthorized fees void.
The intent of this legislation is to protect property owners within common interest communities from additional financial burdens associated with obtaining necessary documentation during property transactions. By eliminating these fees, the bill aims to promote fairness and transparency in real estate dealings within such communities.
Statutes affected: Introduction: 513.73