Uniform Common Interest Ownership Act Law and Legal Definition

The Uniform Common Interest Ownership Act (UCIOA) was originally promulgated in 1982 by the National Conference of Commissioners on Uniform State Laws. This Act succeeds and subsumes the earlier Uniform Condominium Act (1977) (1980), the Uniform Planned Community Act (1980), and the Model Real Estate Cooperative Act (1981). UCIOA is a comprehensive act that governs the formation, management, and termination of a common interest community, whether that community is a condominium, planned community, or real estate cooperative. It also provides for disclosure of important facts about common interest property at sale to a buyer, including resale disclosure for any sale after the initial sale by the developer of the property; for warranties of sale; for a buyer's recession rights in a sale contract, and for escrow of deposits made to secure a sale contract. These are the four principal elements of consumer protection under UCIOA.

In 1994, the Uniform Law Commissioners promulgated a series of amendments to UCIOA. These amendments do not change the general format or structure of UCIOA. They reflect the experience in states that have adopted UCIOA or one or more of its predecessor acts, and analyzes that have appeared, occasionally, in the scholarly literature.