Section 356-A:9-b Resale by Purchaser.
I. In the event of any resale of a lot, parcel, unit or interest in subdivided lands by any person other than the subdivider, the prospective purchaser shall have a right to obtain from the property owners' association, if any, prior to the contract date of disposition, the following:
(a) A statement of any capital expenditures and major maintenance expenditures anticipated by the property owners' association within the current or succeeding 2 fiscal years;
(b) A statement of the status and amount of any reserve for the major maintenance or replacement fund and any portion of such fund earmarked for any specified project by the board of directors;
(c) A copy of the income statement and balance sheet of the property owners' association for the last fiscal year for which such statement is available;
(d) A statement of the status of any pending suits or judgments in which the property owners' association is a party defendant;
(e) A statement setting forth what insurance coverage is provided for all property owners by the property owners' association and what additional insurance coverage would normally be secured by each individual property owner; and
(f) A statement that any improvements or alterations made to the lot, parcel, unit or interest by the prior property owner are not known to be in violation of any restrictions and covenants imposed upon the subdivided lands.
II. The principal officer of the property owners' association, or such other officer or officers as the instruments creating such association may specify, shall furnish the statements prescribed by paragraph I upon the written request of any prospective purchaser within 10 days of the receipt of such request.
Source. 1977, 469:20, eff. Sept. 10, 1977.