What is the main purpose of the Common Interest Ownership Act?

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The main purpose of the Common Interest Ownership Act is to govern shared ownership and management of properties that are classified as common interest communities, such as condominium associations, cooperatives, and planned unit developments. This act provides a legal framework that outlines the rights and responsibilities of both the individual owners and the governing bodies within these communities. It establishes rules regarding governance, financial management, and the operation of shared amenities, which are essential for ensuring that the community functions effectively and efficiently.

By addressing issues such as the management of common areas, assessment of fees, and dispute resolution among members, the act aims to protect the interests of all owners within the community. This regulation is crucial for maintaining harmony and order in environments where multiple individuals share ownership and responsibilities, thereby facilitating a cooperative living experience.

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