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The act gives unit owners the right to receive notice of board meetings and an opportunity to attend.

According to Miranda, while new unit owners aren't usually given full copies of their association's financial records dating back to the creation of the community, they can and should expect more than a nice fruit basket when they move in.

That's one level of rights owners give up to the condo association.

"They're responsible for the operation, management and administration of the association."Associations don't typically distribute anything other than rules and regulations," he says."The purchaser should have gotten a copy of the master deed and bylaws at the closing." Some associations however, he adds, do send out copies of budgets and bills, and others publish a newsletter containing financial and administrative information, and it's up to the homeowner to read and understand that information."That limitation," Hallenborg explains, "means the association itself wouldn't be burdened by a long-term sweetheart contract." The act also governs the transition of control from the developer to the association and the new unit owners."It's basically a progressive transition," says Smith.

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Perhaps the most important—though possibly the least-read—set of documents governing homeowners associations is the master deed.

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