§1604-101. Applicability; waiver (a) This article applies to all units subject to this Act, except as provided in subsection (b) or as modified or waived by agreement of purchasers of units in a condominium in which all units are restricted to nonresidential use. [PL 1981, c. 699 (NEW).] (b) Neither a public offering statement […]
§1604-102. Liability for public offering statement requirements (a) Except as provided in subsection (b) or section 1604‑106, a declarant must, prior to the offering of any interest in a unit to the public, prepare a public offering statement conforming to the requirements of sections 1604‑103, 1604‑104 and 1604‑105. [PL 1981, c. 699 (NEW).] (b) […]
§1604-103. Public offering statement; general provisions (a) Except as provided in subsection (b), a public offering statement must contain or fully and accurately disclose: (1) The name and principal address of the declarant and of the condominium; [PL 1981, c. 699 (NEW).] (2) A general description of the condominium, including, to the extent […]
§1604-104. Public offering statement; condominiums subject to development rights If the declaration provides that a condominium is subject to any development rights, the public offering statement shall disclose, in addition to the information required by section 1604-103: [PL 1981, c. 699 (NEW).] (1) The maximum number of units, and the maximum number of units […]
§1604-105. Public offering statement; condominiums containing conversion buildings (a) The public offering statement of a condominium containing any conversion building must contain, in addition to the information required by section 1604‑103: (1) A statement by the declarant, based on a report prepared by an independent architect or engineer, who is not affiliated with the […]
§1604-106. Public offering statement; condominium securities If an interest in a condominium is currently registered with the Securities and Exchange Commission of the United States or the Office of Securities of this State, a declarant satisfies all requirements relating to the preparation of a public offering statement of this Act if the declarant delivers to […]
§1604-107. Purchaser’s right to cancel (a) A person required to deliver a public offering statement pursuant to section 1604‑102, subsection (c), shall provide a purchaser of a unit with a copy of the public offering statement and all amendments thereto before the execution of a contract for sale. Unless prior to the execution of a […]
§1604-108. Resales of units (a) Except in the case of a sale where delivery of a public offering statement is required, or unless exempt under section 1604‑101, subsection (b), a unit owner shall furnish to a purchaser before execution of any contract for sale of a unit, or otherwise before conveyance, a copy of the […]
§1604-109. Escrow of deposits Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement pursuant to section 1604‑102, subsection (c) shall be placed in escrow by declarant and held either in this State or in the state where the unit is located […]
§1604-110. Release of liens In the case of a sale of a unit where delivery of a public offering statement is required pursuant to section 1604‑102, subsection (c), a seller shall, before or simultaneously with conveying a unit, record or furnish to the purchaser releases of all liens affecting that unit and its common element […]
§1604-111. Conversion buildings (a) A declarant of a condominium containing conversion buildings, and any person in the business of selling real estate for his 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 a conversion building […]
§1604-112. Express warranties of quality (a) Express warranties made by any seller to a purchaser of a unit, if relied upon by the purchaser, are only created as follows: (1) Any written affirmation of fact or promise which relates to the unit, its use, or rights appurtenant thereto, area improvements to the condominiums that […]
§1604-113. Implied warranties of quality (a) A declarant and any person in the business of selling real estate for his own account warrants that a unit will be in at least as good condition at the earlier of the time of the conveyance or delivery of possession as it was at the time of contracting, […]
§1604-114. Exclusion or modification of implied warranties of quality (a) Except as limited by subsection (b) with respect to a purchaser of a unit that may be used for residential use, implied warranties of quality: (1) May be excluded or modified by agreement of the parties; and [PL 1981, c. 699 (NEW).] (2) […]
§1604-115. Statute of limitations for warranties (a) A judicial proceeding for breach of any obligation arising under section 1604‑112 or 1604‑113 must be commenced within 6 years after the cause of action accrues, but the parties may agree to reduce the period of limitation to not less than 2 years. With respect to a unit […]
§1604-116. Effect of violations on rights of action If a declarant or any other person subject to this Act fails to comply with any provision hereof or any provision of the declaration or bylaws, any person or class of persons adversely affected by that failure has a claim for appropriate relief. [PL 1981, c. […]
§1604-117. Labeling of promotional material If any improvement contemplated in a condominium is labeled “NEED NOT BE BUILT” on a plat or plan, or is to be located within a portion of the condominium with respect to which the declarant has reserved a development right, no promotional material may be displayed or delivered to prospective […]
§1604-118. Declarant’s obligation to complete and restore (a) The declarant shall complete all improvements labeled “MUST BE BUILT” on plats or plans prepared pursuant to section 1602‑109. [PL 1981, c. 699 (NEW).] (b) The declarant is subject to liability for the prompt repair and restoration, to a condition compatible with the remainder of the […]
