Sec. 47-270. Resales of units.
Sec. 47-270. Resales of units. (a) Except in the case of a sale in which delivery of
a public offering statement is required under either this chapter or chapter 825, or unless
exempt under subsection (b) of section 47-262, a unit owner shall furnish to a purchaser
or such purchaser's attorney, before the earlier of conveyance or transfer of the right to
possession of a unit, a copy of the declaration, other than any surveys and plans, the
bylaws, the rules or regulations of the association, and a certificate containing: (1) A
statement disclosing the effect on the proposed disposition of any right of first refusal
or other restraint on the free alienability of the unit held by the association; (2) a statement
setting forth the amount of the periodic common expense assessment and any unpaid
common expense or special assessment currently due and payable from the selling unit
owner; (3) a statement of any other fees payable by the owner of the unit being sold;
(4) a statement of any capital expenditures in excess of one thousand dollars approved
by the executive board for the current and next succeeding fiscal year; (5) a statement
of the amount of any reserves for capital expenditures; (6) the current operating budget
of the association; (7) a statement of any unsatisfied judgments against the association
and the existence of any pending suits in which the association is a defendant; (8) a
statement of the insurance coverage provided for the benefit of unit owners; (9) a statement of any restrictions in the declaration affecting the amount that may be received
by a unit owner on sale, condemnation, casualty loss to the unit or the common interest
community or termination of the common interest community; (10) in a cooperative,
an accountant's statement, if any was prepared, as to the deductibility for federal income
tax purposes by the unit owner of real property taxes and interest paid by the association;
(11) if the association is unincorporated, the name of the statutory agent for service of
process filed with the Secretary of the State pursuant to section 47-244a; (12) a statement
describing any pending sale or encumbrance of common elements; and (13) a statement
disclosing the effect on the unit to be conveyed of any restrictions on the owner's right
to use or occupy the unit or to lease the unit to another person.
(b) (1) Not later than ten business days after receipt of a written request from a unit
owner and payment by the unit owner of a fee established by the association that reflects
the actual printing, photocopying and related costs, but in no event in excess of one
hundred twenty-five dollars, for the preparation of the certificate and other documents,
the association shall furnish a certificate containing the information necessary to enable
the unit owner to comply with this section and any other documents required by this
section. The association shall itemize the actual printing, photocopying and related costs
and provide a list of the itemized costs to the unit owner with the certificate and documents. An additional fee of not more than ten dollars for expedited preparation may be
established if the certificate and all required documents are furnished to the unit owner
not later than three business days after the written request is received by the association.
No fee under this subsection may include costs for services provided by an attorney or
paralegal.
(2) A unit owner providing a certificate and documents pursuant to subsection (a)
of this section is not liable to the purchaser for any erroneous information provided by
the association and included in the certificate and documents.
(c) A purchaser is not liable for any unpaid assessment or fee greater than the amount
set forth in the certificate prepared by the association. A unit owner is not liable to a
purchaser for the failure or delay of the association to provide the certificate and documents in a timely manner, but the purchase contract is voidable by the purchaser until
(1) the expiration of five days, excluding Saturdays, Sundays and legal holidays, after
the certificate and documents have been delivered to such purchaser or such purchaser's
attorney, or seven days, excluding Saturdays, Sundays and legal holidays, after the
certificate and documents have been sent by registered or certified mail or mail evidenced by a certificate of mailing to such purchaser or such purchaser's attorney, or (2)
conveyance, whichever first occurs.
(d) A dealer who offers a unit which he owns shall, in addition to the material
provided to a purchaser or such purchaser's attorney under subsection (a) of this section,
furnish to such purchaser or such purchaser's attorney a copy of any public offering
statement that the dealer received at the time he purchased his unit.
(e) The association shall, during the month of January in each year, file in the office
of the town clerk of the municipality or municipalities where such common interest
community is located a certificate setting forth the name and mailing address of the
officer of the association or the managing agent from whom a resale certificate may be
requested, and shall, thereafter, file such a certificate within thirty days of any change
in the name or address of such officer or agent. The town clerk shall keep such certificate
on file in his office and make it available for inspection.
(P.A. 83-474, S. 71, 96; P.A. 84-472, S. 19, 23; 84-546, S. 104, 173; P.A. 88-322, S. 1; P.A. 91-341, S. 18, 19; P.A.
95-187, S. 24; P.A. 05-125, S. 1.)
History: P.A. 84-472 amended Subsec. (a) by adding "under either this chapter or chapter 825", deleting provision
allowing unit owner to furnish a purchaser certain documents "before execution of any contract for sale of a unit", deleting
requirement that unit owner furnish a purchaser with "the most current public offering statement of any person still holds
special declarant rights", and replacing in Subdiv. (4) "anticipated by the association" with "in excess of one thousand
dollars approved by the executive board", amended Subsec. (b) by replacing "within ten days after a request" with "within
ten business days after receipt of a written request", adding a provision for the "payment by the unit owner of any reasonable
fee for preparation of the certificate and other materials" and adding "and documents" and amended Subsec. (c) by adding
"and documents" and excluding Saturdays, Sundays and legal holidays from the five-day period during which the contract
is voidable; P.A. 84-546 made technical change in Subsec. (d); P.A. 88-322 amended Subsec. (a) to provide option of
furnishing the documents to "such purchaser's attorney", amended Subsec. (b) to provide that for the preparation of the
certificate and other materials the unit owner pay a fee of not more than $75, including printing, photocopying and related
costs rather than "any reasonable fee", amended Subsec. (c) to rephrase the provisions re the voidability of contracts and
to add provision that the contract is voidable until the expiration of "seven days, excluding Saturdays, Sundays and legal
holidays, after the certificate and documents have been sent by registered or certified mail or mail evidenced by a certificate
of mailing to such purchaser or such purchaser's attorney", amended Subsec. (d) to add references to "such purchaser's
attorney" and added Subsec. (e) re the filing in the town clerk's office of a certificate with the name and address of the
officer of the association or managing agent from whom a resale certificate may be requested; P.A. 91-341 amended
Subsec. (a) to add Subdiv. (11) re the name of an unincorporated association's statutory agent for service of process; P.A.
95-187 amended Subsec. (a) to require unit owner to furnish the documents "before the earlier of conveyance or transfer
of the right to possession of a unit" rather than "before conveyance", add in Subdiv. (1) "held by the association", replace
in Subdiv. (2) "monthly" with "periodic", replace in Subdiv. (3) "selling unit owner" with "owner of the unit being sold",
add Subdiv. (12) re a statement describing any pending sale or encumbrance of common elements and add Subdiv. (13)
re a statement disclosing the effect on the unit to be conveyed of any restrictions on the use or occupancy or leasing of the
unit; P.A. 05-125 amended Subsec. (b) to revise provisions re allowed costs, substitute $125 for $75, allow an expedited
preparation fee of not more than $10, prohibit fees for services provided by an attorney or paralegal, insert Subdiv. designators (1) and (2) and make technical changes.