§ 34-36.1-4.09 - Resale of units.
SECTION 34-36.1-4.09
§ 34-36.1-4.09 Resale of units. – (a) Except in the case of a sale where delivery of a public offering statementis required, or unless exempt under § 34-36.1-4.01(b), a unit owner shallfurnish to a purchaser before execution of any contract for sale of a unit, orotherwise before conveyance, a copy of the declaration (other than the platsand plans), the bylaws, the rules or regulations of the association, and acertificate containing:
(1) A statement disclosing the effect on the proposeddisposition of any right of first refusal or other restraint on the freealienability of the unit;
(2) A statement setting forth the amount of the monthlycommon expense assessment and any unpaid common expense or special assessmentcurrently due and payable from the selling unit owner;
(3) A statement of any other fees payable by unit owners;
(4) A statement of any capital expenditures anticipated bythe association for the current and two (2) next succeeding fiscal years;
(5) A statement of the amount of any reserves for capitalexpenditures and of any portions of those reserves designated by theassociation for any specified projects;
(6) The most recent regularly prepared balance sheet andincome and expense statement, if any, of the association;
(7) The current operating budget of the association;
(8) A statement of any unsatisfied judgments against theassociation and the status of any pending suits in which the association is adefendant;
(9) A statement describing any insurance coverage providedfor the benefit of unit owners;
(10) A statement as to whether the executive board hasknowledge that any alterations or improvements to the unit or to the limitedcommon elements assigned thereto violate any provision of the declaration;
(11) A statement as to whether the executive board hasknowledge of any violations of the health or building codes with respect to theunit, the limited common elements assigned thereto, or any other portion of thecondominium; and
(12) A statement of the remaining term of any leaseholdestate affecting the condominium and the provisions governing any extension orrenewal thereof.
(b) The association, within ten (10) days after a request bya unit owner, shall furnish a certificate containing the information necessaryto enable the unit owner to comply with this section. A unit owner providing acertificate pursuant to subsection (a) is not liable to the purchaser for anyerroneous information provided by the association and included in thecertificate.
(c) A purchaser is not liable for any unpaid assessment orfee greater than the amount set forth in the certificate prepared by theassociation. A unit owner is not liable to a purchaser for the failure or delayof the association to provide the certificate in a timely manner, but thepurchaser contract is voidable by the purchaser until the certificate has beenprovided and for five (5) days thereafter or until conveyance, whichever firstoccurs.