Clear Lake Property Owners INC

Watkins, Minnesota
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Registered as a property owners association in Meeker County, Minnesota, in 1998.

Community Profile
Legal Compliance Dashboard — Live Preview Minnesota vs. Washington · 6 requirements tracked
3/6
CommunityPay tracks every numeric statutory requirement — fee caps, time limits, percentage caps, retention periods — across every state's community-association law. The full dashboard renders side-by-side comparisons across all 51 tracked jurisdictions and a live feed of statute amendments. Below, three rows for Minnesota alongside Washington.
Requirement MN WA
RC delivery deadline 10 days 10 calendar days
RC fee cap No cap $275
Lien super-priority 6 months 6 months
Open the full dashboard for Minnesota → all states, every threshold, statute changes tracked daily
Resale Certificate Compliance 13 disclosures required
MN
This property owners association is governed by Minn. Stat. §515B.4-107 (MN Common Interest Community Resale Certificate (MCIOA §515B.4-107)). Minnesota law requires 13 specific disclosures when a unit is sold. The certificate must be delivered within 10 days of request.
  • Rights of first refusal or other restraints on free alienability Minn. Stat. §515B.4-107(b)(1)
  • Periodic common expense assessments and special assessments Minn. Stat. §515B.4-107(b)(2)
  • Additional fees or charges other than assessments Minn. Stat. §515B.4-107(b)(3)
  • Extraordinary expenditures approved but not yet assessed (current and two succeeding fiscal years) Minn. Stat. §515B.4-107(b)(4)
  • Amount of reserves for capital expenditures and portions designated for specific projects Minn. Stat. §515B.4-107(b)(5)
  • Most recent regularly prepared balance sheet and income/expense statement Minn. Stat. §515B.4-107(b)(6)
  • Current operating budget Minn. Stat. §515B.4-107(b)(6)
  • Unsatisfied judgments against the association Minn. Stat. §515B.4-107(b)(7)
  • Pending lawsuits to which the association is a party Minn. Stat. §515B.4-107(b)(8)
  • Insurance coverage provided by the association Minn. Stat. §515B.4-107(b)(9)
  • Board-notified alterations or improvements violating the declaration Minn. Stat. §515B.4-107(b)(10)
  • Remaining term of any leasehold estate Minn. Stat. §515B.4-107(b)(11)
  • Matters affecting occupancy or use of the unit Minn. Stat. §515B.4-107(b)(12)
Industry incumbents (HomeWiseDocs, CondoCerts) charge residents $250–$400 per resale certificate. Under Minn. Stat. §515B.4-107, the fee must reflect actual cost — preparation, procurement, reproduction, and delivery — itemized, with no padding permitted. With CommunityPay, the board issues the certificate directly from live ledger data, so the actual cost is near zero. Residents typically save $250–$400 per closing.
None of these items are confirmed for Clear Lake Property Owners INC. Set up this community on CommunityPay to track compliance and generate resale certificates from live ledger data.
Institutional Reference

Reserve study standards in Minnesota

Statutory requirements, board preparation checklist, the components a professional study covers, and the useful-life ranges that drive thirty-year funding plans. Generic reference. Not a substitute for a study calibrated to a specific association.

Minnesota does not currently encode a fixed reserve-study cadence in statute. The discipline still applies. Industry standard across the United States is below.

  • Update the component register annually as assets are added, replaced, or retired.
  • Commission a professional reserve study every three to five years. Update it when the component register changes materially.
  • Maintain a thirty-year capital plan with explicit annual funding contributions tied to the study.
  • Keep reserve funds segregated from operating cash. Disclose funding status in the annual budget.
  • Document the board-approved funding policy — percent-funded, threshold, or baseline — in board minutes.

CommunityPay maintains a Reserve Funding Status Report (RSR) generator tied to the live ledger. It is a status report, not a substitute for a professional study with on-site inspection.

What a board should have organized before commissioning a reserve study, and what a study delivers back. Use this list to evaluate whether the association is ready, regardless of state.

  1. Component register Every asset the association is responsible for maintaining — roofs, asphalt, mechanical systems, plumbing risers, elevators, amenities. Freeze a current version before the study.
  2. Condition assessments Last inspection reports, photographs, observed wear, recent repairs. The analyst calibrates useful-life estimates against this evidence.
  3. Useful-life and replacement-cost estimates Per component, calibrated to local climate, construction, and use intensity. A study produces these; the board verifies them.
  4. Thirty-year capital plan When each component reaches end-of-life and what replacement will cost in nominal dollars at that year.
  5. Funding plan Percent-funded, threshold, or baseline approach with an explicit annual contribution. The board approves; the study models outcomes.
  6. Current reserve fund balance Separated from operating cash. Ideally in interest-bearing accounts with FDIC coverage on the full balance.
  7. Annual budget tied to the funding plan Reserve contribution as an explicit budget line, traceable to the study and the funding policy.
  8. Most recent reserve study Full study, update, or interim review. Author credentials and date of the most recent on-site inspection.
  9. Insurance schedule Replacement-cost coverage on insured components. Deductibles that may draw against reserves in a loss.
  10. Board minutes referencing reserve decisions Special assessments, deferred maintenance, funding-policy changes, scope deviations from the study.

Categories most reserve studies cover. The specific components depend on the association. High-rise condos track far more than single-family HOAs. Gated communities track infrastructure that condos never see.

Roofing & Exterior

Asphalt shingle, metal, tile, or flat membrane roofs. Siding (wood, fiber cement, stucco, vinyl). Exterior paint. Soffits and fascia. Gutters and downspouts. Decks and balconies. Railings. Window and door frames in common areas.

Mechanical

HVAC chillers and cooling towers. Boilers and water heaters. Ventilation. Pumps. Fire suppression and sprinkler systems. Emergency generators. Elevators — cabs, controllers, jacks, and modernizations.

Site Work

Parking lots: seal coat, overlay, full reconstruction. Concrete sidewalks and curbs. Site lighting. Storm drainage. Retaining walls. Fencing. Entry gates and signage.

Plumbing & Electrical

Main water lines and risers. Sanitary and storm sewer lines. Backflow preventers. Common-area electrical panels and switchgear. Transformer pads. Distribution.

Amenities

Pools, spas, and pool equipment. Clubhouse interiors. Fitness rooms. Playgrounds. Tennis and pickleball courts. Mailbox kiosks. Trash enclosures and dumpster pads.

Safety & Code

Fire alarm panels. Emergency lighting. Smoke detectors in common areas. Fire-rated doors. Structural fireproofing. Sprinkler heads and inspection-required components.

A mid-size HOA typically tracks thirty to eighty components. A high-rise condo tracks two hundred or more. The categories above are illustrative. A professional reserve study identifies the components a specific association is responsible for.

Typical useful-life ranges for components common in reserve studies. Industry averages, not specific to any state, climate, or association. A professional study calibrates these to local conditions, construction quality, maintenance practice, and use intensity.

Component Typical useful life
Asphalt shingle roof20–25 years
Metal roof40–50 years
Tile or slate roof50+ years
Flat membrane roof (TPO/EPDM)15–25 years
Wood siding20–30 years
Fiber cement siding30–50 years
Stucco50+ years
Exterior paint cycle7–10 years
Gutters and downspouts20–30 years
Wood deck, pressure-treated15–20 years
Composite deck25–30 years
Asphalt parking — seal coat3–5 years
Asphalt parking — overlay12–15 years
Asphalt parking — reconstruction25–30 years
Concrete sidewalks and curbs30–50 years
Site lighting (poles, fixtures)20–30 years
Wood fencing15–25 years
Pool plaster10–15 years
Pool pump and filter7–10 years
HVAC rooftop unit15–20 years
Boiler25–30 years
Commercial water heater10–15 years
Fire alarm panel20–25 years
Elevator cab finishes15–20 years
Elevator modernization25–30 years
Carpet, clubhouse7–10 years
Playground equipment10–15 years

Ranges synthesized from common professional reserve-study references and U.S. building-component literature. Verify against a study performed by a credentialed reserve specialist (RS, PRA, or equivalent) before relying on any figure for funding decisions.

Related tools
  • Reserve Health Check → Free. Inputs reserve balance, annual contribution, building age, and components; returns a grade with the math shown. No signup required to view results.
Institutional Reference

Meeting requirements in Minnesota

Statutory floors for owner and board meetings — notice periods, delivery rules, quorum, voting, written consent, and record retention. Generic reference. Specific bylaws or declarations may impose tighter requirements; statutes set the minimum.

Annual / owner meeting
21 days advance notice
Minn. Stat. §515B.3-108

Most state regimes also require:

  • Open meetings — board meetings open to all members in good standing; closed executive sessions only for narrow purposes (litigation, personnel, contracts).
  • Agenda discipline — the board cannot vote on substantive matters not included in the noticed agenda except in narrow emergency circumstances.
  • Annual meeting — at least one owner meeting per year, with notice mailed to the address on record for each owner.
  • Quorum thresholds — defined in the declaration or bylaws; statutory default applies when governing documents are silent.

CommunityPay maintains a Board Meeting Packet generator that produces a state-aware agenda, draft minutes template, and compliance checklist for the board pack.

How meeting notice must be delivered, what it must contain, and what defects invalidate the notice. Statutes vary in mechanics; the principles are consistent.

  1. Delivery method First-class mail or hand-delivery to the address on file with the association is the universal default. Most states permit electronic delivery only with the owner's written consent. A posted notice on a community bulletin board is not, by itself, sufficient.
  2. Address on file The association is entitled to rely on the address each owner has provided. The owner bears the burden of keeping it current. The board must maintain a registered address list.
  3. Required content Date, time, location (or remote-access link), and an agenda. Material to be voted on — budget, special assessments, rule changes — must be identified specifically. "Other business" is not a substitute for an item.
  4. Notice period start The notice period typically runs from the date of mailing or hand-delivery, not the date of receipt. Some states count both the notice date and the meeting date; others exclude one or both. Confirm the rule.
  5. Remote participation When the association offers remote attendance, the notice must include the access information and any limitations (e.g., audio-only, no chat). Recording rules vary by state.
  6. Defective notice consequences Material defects invalidate actions taken at the meeting. Minor defects (typo in location, slightly late mailing) may be cured by attendance and waiver. Document the cure in the minutes.
  7. Emergency notice Statutes typically permit shortened notice for genuine emergencies (imminent physical harm, immediate financial loss). The board must document the emergency basis in the minutes.

Quorum sets the floor for a valid meeting. Voting mechanics — proxies, ballots, written consent — determine how votes are counted once the quorum is established.

Quorum

Defined in the declaration or bylaws. When silent, statutory defaults apply — typically 20–25% of allocated interests for owner meetings. Quorum is measured at the start; once established it persists even if attendance drops below the threshold.

Proxies

Most states permit proxies for owner meetings. The proxy must be written, dated, and signed; many states require revocation rights and an explicit scope (general or limited). Proxies do not extend to board meetings — directors must vote in person or by permitted remote means.

Written consent

Action without a meeting requires unanimous written consent in most jurisdictions, though some states permit a lower threshold for narrow categories (uncontested matters, ratification). Document the consent in the corporate records, indexed to the action taken.

Ballots

Secret-ballot procedures, double-envelope requirements, and inspector-of-elections rules apply in states with comprehensive election statutes. Director elections, recall votes, and assessment increases above a statutory threshold typically require secret-ballot procedure.

Cumulative voting

Available only when explicitly authorized by the declaration or bylaws. Otherwise straight voting applies — each membership casts one vote per open seat per candidate, with no concentration permitted.

Member in good standing

Voting rights may be suspended for delinquent accounts in some jurisdictions. Suspension typically requires due-process notice and an opportunity to cure. Statutes vary; the bylaws must align.

Minutes are the corporate record of the meeting. Statutes in every state require associations to maintain meeting minutes and make them available to owners on request. Retention periods and access rules vary.

  1. What minutes must contain Date, time, location. Directors and officers present. Quorum determination. Motions made, seconded, and the vote count. Substantive board actions and adopted resolutions. Executive-session minutes kept separately; the open-session minutes record only that a closed session occurred.
  2. Retention period Statutes vary; common floors are seven years for financial records and the life of the association for governance records. Permanent retention is the safer practice. Reserve studies, declarations, amendments, and assessments — permanent.
  3. Owner inspection rights Owners have a statutory right to inspect minutes and association records on written request. The association may charge reasonable copy fees and require inspection during normal business hours at a designated location.
  4. Approval process Draft minutes are circulated to the board, corrected, and approved at the next regular meeting. Approved minutes become the official record. Corrections after approval require a noted amendment, not silent edits.
  5. Permanent records Declaration, bylaws, articles of incorporation, rule books, amendments, and the minute book are permanent records. The association cannot dispose of them on any retention schedule.
  6. Resale disclosure Recent board and owner meeting minutes are typically required attachments to a resale certificate. The standard window is the last 12 months; some statutes extend to 24 months for amendments.
  7. Executive session Closed-session minutes record matters discussed but typically remain confidential from the general membership. Specific votes taken in closed session may need to be reported in the open-session minutes.
Related tools
Institutional Reference

Insurance & risk requirements in Minnesota

Statutory floors plus the Fannie Mae 1076 and Freddie Mac 476 condo questionnaire fields lenders verify before closing. Generic reference. Specific declarations or bylaws may impose tighter requirements; statutes set the minimum.

Fannie Mae lender requirement
Hazard / property coverage
100% of replacement cost value, project improvements + common elements + residential structures
Fannie Mae B7-3-03
Comprehensive general liability
$1000000 minimum per single occurrence, bodily injury and property damage on common elements
Fannie Mae B7-4-01
  • Replacement cost basis — policy must pay to rebuild without depreciation deduction.
  • Agreed-amount endorsement — waives the coinsurance penalty when coverage is set to a stated replacement cost.
  • Inflation guard endorsement — annual escalation to keep coverage at current rebuild cost.
  • Building ordinance or law endorsement — covers the cost gap when current building codes require upgrades during a rebuild.
Fannie Mae lender requirement
Fidelity / crime bond minimum
3 months of aggregate assessments on all units
Fannie Mae B7-4-02

The fidelity / crime policy protects association funds from dishonest or fraudulent acts by anyone handling or responsible for those funds — directors, officers, employees, and the management agent. The HOA or co-op corporation must be the named insured, with premiums paid as a common expense.

  • Named covered parties — board, officers, employees, and the management company (when one is engaged).
  • Computation basis — months of assessments plus reserve balance, or a percentage of the operating budget, depending on the governing statute.
  • Annual renewal — coverage lapses are a common audit finding and trigger lender disqualification.
Fannie Mae lender requirement
Deductible cap
5% maximum of master policy coverage amount, aggregated across per-peril deductibles
Fannie Mae B7-3-03

Higher deductibles disqualify the project from conforming mortgage originations on every unit. State statutes sometimes codify a tighter cap or require board approval before deductible changes.

Flood insurance is required when any portion of the project sits inside a FEMA-designated Special Flood Hazard Area (SFHA). Coverage must equal the lesser of the building replacement cost or the National Flood Insurance Program (NFIP) maximum, with the balance covered by an excess flood policy.

Beyond the master property policy, lenders require several distinct coverages and endorsements. Each addresses a specific risk category the master policy alone does not handle.

  • Directors & officers (D&O) liability — defends board members against claims arising from governance decisions. Often required by lenders even when not codified by statute.
  • Umbrella / excess liability — extends primary liability limits, typically by $1M to $5M, to cover catastrophic claims.
  • Workers’ compensation — required when the association directly employs maintenance or management staff.
  • Earthquake / windstorm — peril-specific policies in seismic and coastal zones. Lender requirement depends on territory.
  • Environmental / pollution — applies when the association operates pools, fuel storage, or other regulated facilities.

Specific statutory provisions seeded for Minnesota:

  • Requires associations to maintain property insurance on common elements at full insurable replacement cost (broad form covered causes of loss) and commercial general liability insurance — Minn. Stat. §515B.3-113
  • Association insurance is primary over individual unit owner policies — Minn. Stat. §515B.3-113
Statutory Obligations — Minnesota 65 obligations across 9 categories
MN
Under Minnesota community association law, this property owners association is bound by the obligations below. Each item is pinned to the underlying statute. Click any citation to read the source.
Governance 23
Board governance, meetings, voting, quorum.
  • Chapter 515B.1-102 makes certain 515B provisions retroactive to these condominiums
    Chapter 515B.1-102 makes certain 515B provisions retroactive to these condominiums.
     Minn. Stat. §515.01
  • Still operative for condominiums created before Chapter 515A took effect
    Still operative for condominiums created before Chapter 515A took effect.
     Minn. Stat. §515.01
  • The original Minnesota Condominium Act (29 sections, 515.01-515.29)
    The original Minnesota Condominium Act (29 sections, 515.01-515.29).
     Minn. Stat. §515.01
  • The Uniform Condominium Act as adopted in Minnesota
    The Uniform Condominium Act as adopted in Minnesota.
     Minn. Stat. §515A.1-101
  • Governs condominiums created after 515A but before 515B (June 1, 1994)
    Governs condominiums created after 515A but before 515B (June 1, 1994).
     Minn. Stat. §515A.1-101
  • Chapter 515B.1-102 makes certain 515B provisions retroactive
    Chapter 515B.1-102 makes certain 515B provisions retroactive.
     Minn. Stat. §515A.1-101
  • Communities may voluntarily opt into full 515B coverage
    Communities may voluntarily opt into full 515B coverage.
     Minn. Stat. §515B.1-102
  • For pre-1994 condominiums governed by Ch
    For pre-1994 condominiums governed by Ch.
     Minn. Stat. §515B.1-102
  • Defines the applicability of Chapter 515B (MCIOA) to all common interest communities created in Minnesota on or after June 1, 1994
    Defines the applicability of Chapter 515B (MCIOA) to all common interest communities created in Minnesota on or after June 1, 1994.
     Minn. Stat. §515B.1-102
  • Enumerates broad association powers including rulemaking, assessment levying, hiring/discharging management, litigation, property acquisition, easement granting, imposing interest/late charges, and imposing reasonable fines for violations
    Enumerates broad association powers including rulemaking, assessment levying, hiring/discharging management, litigation, property acquisition, easement granting, imposing interest/late charges, and imposing reasonable fines for violations.
     Minn. Stat. §515B.3-102
  • Declarant control terminates at the earliest of: 5 years after first unit conveyance (flexible communities) or 3 years (other communities), declarant's written notice, or 75% of units conveyed to non-declarant owners
    Declarant control terminates at the earliest of: 5 years after first unit conveyance (flexible communities) or 3 years (other communities), declarant's written notice, or 75% of units conveyed to non-declarant owners.
     Minn. Stat. §515B.3-103
  • Establishes board authority, fiduciary duty standards, declarant control period, transition requirements, and open meeting requirements
    Establishes board authority, fiduciary duty standards, declarant control period, transition requirements, and open meeting requirements.
     Minn. Stat. §515B.3-103
  • Declarant-appointed directors owe fiduciary duties to unit owners; elected directors owe the standard of care under Minnesota corporate law
    Declarant-appointed directors owe fiduciary duties to unit owners; elected directors owe the standard of care under Minnesota corporate law.
     Minn. Stat. §515B.3-103
  • Requires separate recorded instrument
    Requires separate recorded instrument.
     Minn. Stat. §515B.3-104
  • Governs voluntary and involuntary transfer of special declarant rights
    Governs voluntary and involuntary transfer of special declarant rights.
     Minn. Stat. §515B.3-104
  • MN Annual Meeting Notice Period: 21 days
    Not less than twenty-one days nor more than thirty days in advance
     Minn. Stat. §515B.3-108
  • Meeting notice requirements for all common interest communities
    Meeting notice requirements for all common interest communities.
     Minn. Stat. §515B.3-108
  • Annual meetings require not less than 21 nor more than 30 days advance notice
    Annual meetings require not less than 21 nor more than 30 days advance notice.
     Minn. Stat. §515B.3-108
  • Special meetings require not less than 7 nor more than 30 days notice
    Special meetings require not less than 7 nor more than 30 days notice.
     Minn. Stat. §515B.3-108
  • Special meetings may be called by petition of 20% of unit owners
    Special meetings may be called by petition of 20% of unit owners.
     Minn. Stat. §515B.3-108
  • MN Special Meeting Notice Period: 7 days
    Not less than seven days nor more than thirty days in advance
     Minn. Stat. §515B.3-108
  • MN Special Meeting Petition Threshold
    Unit owners holding at least twenty percent of the voting power
     Minn. Stat. §515B.3-108
  • Insurers must provide 60-day cancellation notice
    Insurers must provide 60-day cancellation notice.
     Minn. Stat. §515B.3-113
Financial 5
Financial statements, audits, banking, fund segregation.
  • Reasonable restrictions allowed if they do not reduce energy generation by more than 10% or increase costs beyond 20% for water heaters or $1,000 for photovoltaic systems
    Reasonable restrictions allowed if they do not reduce energy generation by more than 10% or increase costs beyond 20% for water heaters or $1,000 for photovoltaic systems.
     Minn. Stat. §500.216
  • The lien includes fees, charges, late charges, fines, and interest
    The lien includes fees, charges, late charges, fines, and interest.
     Minn. Stat. §515B.3-116
  • Copy fee: actual costs, or for requests of 100 pages or fewer (B&W, standard size), no more than $0.25 per page
    Copy fee: actual costs, or for requests of 100 pages or fewer (B&W, standard size), no more than $0.25 per page.
     Minn. Stat. §515B.3-118
  • MN Resale Certificate Fee Cap
    The association may charge a reasonable fee for furnishing the certificate
     Minn. Stat. §515B.4-107
  • $5,000 penalty plus damages for noncompliant declarant disclosure
    $5,000 penalty plus damages for noncompliant declarant disclosure.
     Minn. Stat. §515B.4-116
Assessment 4
Assessment levy, billing, collection, late fees.
  • MN Judicial Foreclosure Required
    May be foreclosed in like manner as a mortgage under chapter 580 or by action under chapter 581
     Minn. Stat. §515B.3-116
  • MN Assessment Lien Super-Priority Period: 6 months
    Assessments based on the periodic budget adopted by the association which would have become due during the six months immediately preceding the end of the owner's period of redemption
     Minn. Stat. §515B.3-116
  • Establishes the association's automatic lien on units when assessments become due
    Establishes the association's automatic lien on units when assessments become due.
     Minn. Stat. §515B.3-116
  • MN Assessment Lien Statute of Limitations: 3 years
    Proceedings to enforce an assessment lien shall be instituted within three years after the last installment of the assessment becomes payable
     Minn. Stat. §515B.3-116
Reserves 10
Reserve studies, reserve funding, capital planning.
  • Must be provided to all unit owners in paper, electronic copy, or electronic access
    Must be provided to all unit owners in paper, electronic copy, or electronic access.
     Minn. Stat. §515B.3-107
  • Requires the board to prepare and approve a written preventive maintenance plan, maintenance schedule, and maintenance budget for common elements
    Requires the board to prepare and approve a written preventive maintenance plan, maintenance schedule, and maintenance budget for common elements.
     Minn. Stat. §515B.3-107
  • Existing communities had until January 1, 2019 to comply
    Existing communities had until January 1, 2019 to comply.
     Minn. Stat. §515B.3-107
  • Requires adequate reserve funds in the annual budget but contains simpler language without the 3-year reevaluation mandate of §515B.3-1141
    Requires adequate reserve funds in the annual budget but contains simpler language without the 3-year reevaluation mandate of §515B.3-1141.
     Minn. Stat. §515B.3-114
  • Pre-2010 version of the reserve requirements
    Pre-2010 version of the reserve requirements.
     Minn. Stat. §515B.3-114
  • Reserves must be maintained in accounts separate from operating funds
    Reserves must be maintained in accounts separate from operating funds.
     Minn. Stat. §515B.3-1141
  • Reserves not required for components with remaining useful life exceeding 30 years
    Reserves not required for components with remaining useful life exceeding 30 years.
     Minn. Stat. §515B.3-1141
  • MN Reserve Adequacy Reevaluation Interval: 3 years
    Reevaluated at least every three years after the declaration is recorded
     Minn. Stat. §515B.3-1141
  • Adequacy must be reevaluated at least every 3 years
    Adequacy must be reevaluated at least every 3 years.
     Minn. Stat. §515B.3-1141
  • Requires associations to include adequate replacement reserves in annual budgets based on estimated remaining useful life of each component
    Requires associations to include adequate replacement reserves in annual budgets based on estimated remaining useful life of each component.
     Minn. Stat. §515B.3-1141
Insurance 2
Insurance coverage, policy disclosures, claims.
  • Requires associations to maintain property insurance on common elements at full insurable replacement cost (broad form covered causes of loss) and commercial general liability insurance
    Requires associations to maintain property insurance on common elements at full insurable replacement cost (broad form covered causes of loss) and commercial general liability insurance.
     Minn. Stat. §515B.3-113
  • Association insurance is primary over individual unit owner policies
    Association insurance is primary over individual unit owner policies.
     Minn. Stat. §515B.3-113
Disclosure 8
Owner disclosures, resale certificates, public records.
  • 515 or 515A, certain 515B sections apply retroactively (governance, assessments, insurance, disclosure)
    515 or 515A, certain 515B sections apply retroactively (governance, assessments, insurance, disclosure).
     Minn. Stat. §515B.1-102
  • Transferor remains liable for pre-transfer obligations
    Transferor remains liable for pre-transfer obligations.
     Minn. Stat. §515B.3-104
  • The certificate must be dated not more than 90 days prior to the purchase agreement or conveyance date
    The certificate must be dated not more than 90 days prior to the purchase agreement or conveyance date.
     Minn. Stat. §515B.4-107
  • Requires unit owners (except declarants) to furnish purchasers with governing documents and a resale disclosure certificate containing 13 specified categories before executing a purchase agreement
    Requires unit owners (except declarants) to furnish purchasers with governing documents and a resale disclosure certificate containing 13 specified categories before executing a purchase agreement.
     Minn. Stat. §515B.4-107
  • The association must furnish the certificate within 10 days of request
    The association must furnish the certificate within 10 days of request.
     Minn. Stat. §515B.4-107
  • Applies to all common interest communities regardless of creation date
    Applies to all common interest communities regardless of creation date.
     Minn. Stat. §515B.4-107
  • MN Resale Certificate Delivery Deadline: 10 days
    The association, within ten days after a request by a unit owner, shall furnish a certificate
     Minn. Stat. §515B.4-107
  • MN Resale Certificate Currency Period: 90 days
    Dated not more than ninety days prior to the date of the purchase agreement or conveyance date
     Minn. Stat. §515B.4-107
Records 2
Records retention, owner access, official documents.
  • Requires associations to maintain membership records, meeting minutes, contracts, correspondence, and financial records
    Requires associations to maintain membership records, meeting minutes, contracts, correspondence, and financial records.
     Minn. Stat. §515B.3-118
  • Unit owners have examination rights
    Unit owners have examination rights.
     Minn. Stat. §515B.3-118
Enforcement 2
Rule enforcement, fines, hearings, due process.
  • Lien is enforceable through judicial or nonjudicial foreclosure
    Lien is enforceable through judicial or nonjudicial foreclosure.
     Minn. Stat. §515B.3-116
  • Following first mortgage foreclosure, the association retains a lien for assessments that became due during the six months immediately preceding the end of the owner's redemption period (super-priority)
    Following first mortgage foreclosure, the association retains a lien for assessments that became due during the six months immediately preceding the end of the owner's redemption period (super-priority).
     Minn. Stat. §515B.3-116
Compliance 9
Statutory compliance, filings, registrations.
  • Prohibits HOAs and private entities from barring owners of single-family dwellings from installing roof-mounted solar energy systems
    Prohibits HOAs and private entities from barring owners of single-family dwellings from installing roof-mounted solar energy systems.
     Minn. Stat. §500.216
  • Does not apply to shared-roof condominiums
    Does not apply to shared-roof condominiums.
     Minn. Stat. §500.216
  • 60-day approval timeline
    60-day approval timeline.
     Minn. Stat. §500.216
  • Mandatory mediation before construction defect litigation involving common interest communities
    Mandatory mediation before construction defect litigation involving common interest communities.
     Minn. Stat. §515B.4-116
  • Tolling from written mediation demand until 5 business days after mediation or 180 days, whichever is later
    Tolling from written mediation demand until 5 business days after mediation or 180 days, whichever is later.
     Minn. Stat. §515B.4-116
  • Discovery in years 9-10 extends the deadline but not beyond 12 years total
    Discovery in years 9-10 extends the deadline but not beyond 12 years total.
     Minn. Stat. §541.051
  • Two-year statute of limitations from discovery of the cause of action
    Two-year statute of limitations from discovery of the cause of action.
     Minn. Stat. §541.051
  • Contribution/indemnity claims limited to 14 years
    Contribution/indemnity claims limited to 14 years.
     Minn. Stat. §541.051
  • Ten-year statute of repose after substantial completion of construction
    Ten-year statute of repose after substantial completion of construction.
     Minn. Stat. §541.051
None of these obligations are confirmed for Clear Lake Property Owners INC as a CommunityPay-managed community. Set up this community on CommunityPay to track obligation compliance from a live ledger with audit-grade enforcement.
Source: Minnesota legal corpus. Last verified April 15, 2026. CommunityPay maintains the corpus and re-verifies on a rolling cadence.
Risk Profile — CARI Score Preview 5 weighted components · Verified score requires consent
Preview
CARI — the Community Association Risk Index — is CommunityPay's deterministic risk score for community associations. Lenders, insurers, title companies, and buyers consume it through an authenticated API. The score is computed from five weighted components and is consent-gated: the association controls whether subscribers can see it.
Financial Health 30% weight
Reserve adequacy, delinquency rate, operating ratio, fund segregation. Measured against state statutory thresholds.
Governance 25% weight
Board attestation currency, meeting compliance, policy violations, governance risk coefficient.
Vendor Risk 15% weight
Vendor compliance signals — license, insurance, bond status, payment velocity, dispute rate.
Enforcement Integrity 15% weight
Block rate, override rate, SLA breaches in the enforcement decision ledger. The audit-trail layer.
Payment Behavior 15% weight
Prevented loss, dispute rate, collection efficiency, payment-method risk.
No verified CARI score is published for Minnesota community Clear Lake Property Owners INC. Set up this community on CommunityPay to publish a verified CARI score that lenders, insurers, title companies, and buyers can consume through an authenticated API.
Compliance Calendar — Next 12 Months 1 deadline
Federal Form 1120-H or 1120 — annual return Apr 15, 2027 · 189 days
High IRC §528
Failure to file timely incurs IRS penalties and interest.
Source: Minnesota statute and federal tax law. Dates are conservative estimates based on common fiscal-year alignment; actual deadlines depend on the association's bylaws and fiscal year.
Records This Community Should Have — Minnesota 2 record categories required by statute
Under Minnesota community association law, the records below must be created and retained. Failure to produce these on owner request, audit, or litigation creates liability and erodes the board's defensibility. None are confirmed for this community as a CommunityPay-managed association.
Financial 2
  • Tax returns
    Federal and state association tax returns.
    Retention: 7 years
    IRC §6501 + state retention norms
  • Tax returns
    Federal association tax returns.
    Retention: 7 years
    IRC §6501
Set up this community on CommunityPay to create, store, and produce these records on demand from a live ledger.
Registration Details Property Owners Association · Est. 1998 · Active
Type Property Owners Association
Governing Statute Minn. Stat. ch. 515B (Common Interest Ownership Act)
State Minnesota
City Watkins
ZIP 55389
County Meeker
Registration IRS Exempt Organizations Business Master File · IRS-411879491
Formed March 1, 1998
Status Active
Area HOA Fees Meeker County median $239/mo
Median Monthly Fee $239
Average Monthly Fee $275
Typical Range $150 – $304
Units Paying Fees 132
Source: U.S. Census Bureau, American Community Survey 2023 5-Year Estimates (PUMS). Meeker County, MN.
Natural Hazard Exposure Meeker County
Very Low
Hail Relatively Low
Strong Wind Relatively Moderate
Winter Weather Relatively Moderate
Cold Wave Relatively Low
Tornado Relatively Low
Social Vulnerability Very Low
Community Resilience Very High
Expected Annual Loss $11,935,982
Source: FEMA National Risk Index v1.20, Meeker County, MN
Applicable Laws 17 Minnesota statutes
Limits on Certain Residential Solar Energy Systems Prohibited Prohibits HOAs and private entities from barring owners of single-family dwellings from installing roof-mounted solar energy systems. Reasonable restrictions allowed if they do not reduce energy generation by more than 10% or increase costs beyond 20% for water heaters or $1,000 for photovoltaic systems. 60-day approval timeline. Does not apply to shared-roof condominiums.
Minnesota Condominium Act — Title The original Minnesota Condominium Act (29 sections, 515.01-515.29). Still operative for condominiums created before Chapter 515A took effect. Chapter 515B.1-102 makes certain 515B provisions retroactive to these condominiums.
Minnesota Uniform Condominium Act — Title The Uniform Condominium Act as adopted in Minnesota. Governs condominiums created after 515A but before 515B (June 1, 1994). Chapter 515B.1-102 makes certain 515B provisions retroactive.
Minnesota Common Interest Ownership Act — Applicability Defines the applicability of Chapter 515B (MCIOA) to all common interest communities created in Minnesota on or after June 1, 1994. For pre-1994 condominiums governed by Ch. 515 or 515A, certain 515B sections apply retroactively (governance, assessments, insurance, disclosure). Communities may voluntarily opt into full 515B coverage.
MCIOA — Powers of Unit Owners' Association Enumerates broad association powers including rulemaking, assessment levying, hiring/discharging management, litigation, property acquisition, easement granting, imposing interest/late charges, and imposing reasonable fines for violations.
MCIOA — Board of Directors, Officers and Declarant Control Establishes board authority, fiduciary duty standards, declarant control period, transition requirements, and open meeting requirements. Declarant-appointed directors owe fiduciary duties to unit owners; elected directors owe the standard of care under Minnesota corporate law. Declarant control terminates at the earliest of: 5 years after first unit conveyance (flexible communities) or 3 years (other communities), declarant's written notice, or 75% of …
MCIOA — Transfer of Declarant Rights Governs voluntary and involuntary transfer of special declarant rights. Transferor remains liable for pre-transfer obligations. Requires separate recorded instrument.
MCIOA — Upkeep of Common Interest Community Unique to Minnesota. Requires the board to prepare and approve a written preventive maintenance plan, maintenance schedule, and maintenance budget for common elements. Must be provided to all unit owners in paper, electronic copy, or electronic access. Existing communities had until January 1, 2019 to comply.
MCIOA — Meetings Meeting notice requirements for all common interest communities. Annual meetings require not less than 21 nor more than 30 days advance notice. Special meetings require not less than 7 nor more than 30 days notice. Special meetings may be called by petition of 20% of unit owners. Notice must state date, time, place, purposes, and proxy procedures.
MCIOA — Insurance Requires associations to maintain property insurance on common elements at full insurable replacement cost (broad form covered causes of loss) and commercial general liability insurance. Association insurance is primary over individual unit owner policies. Insurers must provide 60-day cancellation notice.
MCIOA — Replacement Reserves (Pre-2010 Communities) Pre-2010 version of the reserve requirements. Requires adequate reserve funds in the annual budget but contains simpler language without the 3-year reevaluation mandate of §515B.3-1141.
MCIOA — Replacement Reserves (Post-2010 Communities) Requires associations to include adequate replacement reserves in annual budgets based on estimated remaining useful life of each component. Adequacy must be reevaluated at least every 3 years. Reserves not required for components with remaining useful life exceeding 30 years. Reserves must be maintained in accounts separate from operating funds. Does NOT mandate a formal professional reserve study. Applies to …
MCIOA — Lien for Assessments Establishes the association's automatic lien on units when assessments become due. The lien includes fees, charges, late charges, fines, and interest. Following first mortgage foreclosure, the association retains a lien for assessments that became due during the six months immediately preceding the end of the owner's redemption period (super-priority). Lien is enforceable through judicial or nonjudicial foreclosure. Statute of limitations: …
MCIOA — Association Records Requires associations to maintain membership records, meeting minutes, contracts, correspondence, and financial records. Unit owners have examination rights. Copy fee: actual costs, or for requests of 100 pages or fewer (B&W, standard size), no more than $0.25 per page.
MCIOA — Resale of Units Requires unit owners (except declarants) to furnish purchasers with governing documents and a resale disclosure certificate containing 13 specified categories before executing a purchase agreement. The association must furnish the certificate within 10 days of request. The certificate must be dated not more than 90 days prior to the purchase agreement or conveyance date. Applies to all common interest communities …
MCIOA — Construction Defect Mediation Mandatory mediation before construction defect litigation involving common interest communities. Tolling from written mediation demand until 5 business days after mediation or 180 days, whichever is later. $5,000 penalty plus damages for noncompliant declarant disclosure.
Limitation of Action — Services or Construction to Improve Real Property Ten-year statute of repose after substantial completion of construction. Two-year statute of limitations from discovery of the cause of action. Discovery in years 9-10 extends the deadline but not beyond 12 years total. Contribution/indemnity claims limited to 14 years. Fraud exception — no limitation period.
Source: Minnesota state legislature. Statutes verified by CommunityPay. Last verified April 2026.
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Community data is sourced from Minnesota Secretary of State public registrations. Natural hazard data is from the FEMA National Risk Index (county-level, v1.20). CommunityPay does not claim a relationship with Clear Lake Property Owners INC unless explicitly stated.
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