Revises provisions governing common-interest communities. (BDR 10-1105)

SB 433 requires structural inspections for certain residential buildings in common-interest communities (like condos and planned communities) that meet specific height and construction criteria, known as "covered buildings." It directly affects homeowners, property associations, and structural inspectors by mandating inspections before occupancy, requiring associations to set aside funds for repairs, and requiring written inspection reports to be shared with owners and included in property sales documents. Key mechanisms include: (1) prohibiting new occupancy until inspections confirm structural compliance, (2) requiring associations to fund corrective repairs through reserves, and (3) mandating preventive maintenance manuals for covered buildings. The bill also eliminates the Real Estate Division’s dispute program and updates record-keeping requirements for associations.