Section 35-8A-401 Applicability; waiver. (a) This article applies to all units subject to this chapter, except as provided in subsection (b) or as modified or waived in writing by agreement of purchasers of units in a condominium in which all units are restricted to nonresidential use. (b) Neither an offering statement nor a resale certificate […]
Section 35-8A-402 Liability for offering statement requirements. (a) Except as provided in subsection (b), a declarant, prior to the offering of any interest in a unit to the public, shall prepare an offering statement conforming to the requirements of Sections 35-8A-403 through 35-8A-406. (b) A declarant may transfer responsibility for preparation of all or a […]
Section 35-8A-403 Offering statement – General provisions. (a) Except as provided in subsection (b), an offering statement must contain or fully and accurately disclose the following information with regard to the condominium, including a proposed condominium: (1) The name and principal address of the declarant; (2) The name and the address, legal description, or other […]
Section 35-8A-404 Offering statement – Condominiums subject to development rights. If the declaration provides that a condominium is subject to any development rights, the offering statement must disclose, in addition to the information required by Section 35-8A-403: (1) The maximum number of units that may be created; (2) A statement of how many or what […]
Section 35-8A-405 Offering statement – Time shares. If the declaration provides that ownership or occupancy of any units is or may be in time shares, the offering statement shall disclose, in addition to the information required by section 35-8A-403: (1) The number and identity of units in which time shares may be created; (2) The […]
Section 35-8A-406 Offering statement – Condominiums containing conversion buildings. The offering statement of a condominium containing any conversion building containing units that may be occupied for residential use must contain, in addition to the information required by Section 35-8A-403: (1) A statement by the declarant, to the best of declarant’s knowledge, of the approximate age […]
Section 35-8A-407 Offering statement – Condominium securities. If an interest in a condominium is currently registered with the Securities and Exchange Commission of the United States or registered pursuant to the Interstate Land Sales Full Disclosure Act, a declarant satisfies all requirements relating to the preparation and delivery of an offering statement of this chapter […]
Section 35-8A-408 Purchaser’s right to cancel. (a) A person required to deliver the required documents or report pursuant to Section 35-8A-402(c) or 35-8A-407 shall provide a purchaser of a unit with a copy of the offering statement and all amendments thereto not later than the date of any contract of sale. Unless a purchaser is […]
Section 35-8A-409 Resales of units. (a) Except in the case of a sale where delivery of an offering statement is required, or unless exempt under Section 35-8A-401(b), a unit owner upon written request by a purchaser of a unit previously disposed of, which written request must be made within 14 days of the date the […]
Section 35-8A-410 Escrow of deposits. (a) As used in this section, except as otherwise provided, the following terms shall have the following meanings: (1) HARD COSTS. Any and all costs associated with the actual building and construction of the condominium project, including, but not limited to, site preparation, building materials, shell features, interior enclosures, fit-out […]
Section 35-8A-411 Release of liens. (a) In the case of a sale of a unit where delivery of an offering statement is required pursuant to Section 35-8A-402(c) or a disclosure is made pursuant to Section 35-8A-407, a seller shall record or furnish to the purchaser releases of all liens or an agreement to release any […]
Section 35-8A-412 Conversion buildings. (a) A declarant of a condominium containing conversion buildings, and any person in the business of selling real estate for his or her own account who intends to offer units in such a condominium shall give each of the residential tenants and any residential subtenant in possession of a portion of […]
Section 35-8A-413 Express warranties. (a) Express warranties made by the declarant, an affiliate of the declarant, or any person in the business of selling real estate for his or her own account, to a purchaser of a unit, if relied upon by the purchaser, are created as follows: (1) Any affirmation of material fact or […]
Section 35-8A-414 Effect of violations on rights of action; attorney’s fees. If a declarant or any other person subject to this chapter fails to comply with any provision hereof or any provision of the declaration or bylaws, any person or class of persons adversely affected by the failure to comply has a claim for actual […]
Section 35-8A-415 Labeling of promotional material. No promotional material may be displayed or delivered to prospective purchasers which describes or portrays an improvement that the declarant is not obligated to build unless the description or portrayal of the improvement that is not in existence and is displayed in the promotional material is conspicuously labeled or […]
Section 35-8A-416 Declarant’s obligation to complete and restore. (a) Except for improvements labeled, “NEED NOT BE BUILT” the declarant shall complete all improvements depicted on any site plan or graphic representation including plats or plans prepared pursuant to section 35-8A-209, whether or not that site plan or other graphic representation is contained in the offering […]
Section 35-8A-417 Substantial completion of units. In the case of a sale of a unit where delivery of an offering statement is required or a disclosure is made pursuant to Section 35-8A-407, a contract of sale may be executed, but no interest in that unit may be conveyed, or voted until the declaration is recorded […]
