§1124.107.  Resales of units

A.  In the event of a resale of a unit by a unit owner other than a declarant, the unit owner shall furnish to a purchaser before execution of any contract to purchase a unit, or otherwise before conveyance, a copy of the declaration other than plats and plans, the articles of incorporation or documents creating the association, the bylaws, and a certificate containing:

(1)  A statement setting forth the amount of any current common expense assessments.  

(2)  A statement of any capital expenditures approved by the association for the current and two next succeeding fiscal years.  

(3)  A statement of the amount of any reserves for capital expenditures and of any portions of those reserves designated by the association for any specified projects.  

(4)  The most recent balance sheet and income and expense statement of the association, if any.  

(5)  The current operating budget of the association, if any.  

(6)  A statement of any unsatisfied judgments against the association and the status of any pending suits to which the association is a party.  

(7)  A statement describing any insurance coverage provided by the association, and

(8)  A statement of the remaining term of any ground lease affecting the condominium and provisions governing any extension or renewal thereof.  

B.  The association, within ten days after a request by a unit owner, shall furnish a certificate containing the information necessary to enable a unit owner to comply with this Section.  The unit owner providing a certificate pursuant to Subsection A is not liable to the purchaser for any erroneous information provided by the association and included in the certificate.  

C.  A unit owner is not liable to a purchaser for the failure or delay of the association to provide the certificate in a timely manner; however, the contract to purchase is voidable by the purchaser until a certificate has been provided and for five days thereafter or until conveyance, whichever first occurs.  

Acts 1979, No. 682, §1.