33 §1604-106. Public offering statement; condominium securities
§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 […]
33 §1604-107. Purchaser’s right to cancel
§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 […]
33 §1604-108. Resales of units
§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 […]
33 §1604-109. Escrow of deposits
§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 […]
33 §1604-110. Release of liens
§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 […]
33 §1603-115. Assessments for common expenses
§1603-115. Assessments for common expenses (a) Until the association makes a common expense assessment, the declarant shall pay all the common expenses. After any assessment has been made by the association, assessments thereafter must be made at least annually, based on a budget adopted at least annually by the association. [PL 1981, c. 699 […]
33 §1604-111. Conversion buildings
§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 […]
33 §1603-115-A. Optional escrow of assessments
§1603-115-A. Optional escrow of assessments (a) The association may require that a person who purchases a unit after October 1, 2009 make payments into an escrow account established by the association until the balance in the escrow account for that unit is equal to 6 months of assessments as established under section 1603‑115. [PL […]
33 §1604-112. Express warranties of quality
§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 […]
33 §1603-116. Lien for assessments
§1603-116. Lien for assessments (a) The association has a lien on a unit for any assessment levied against that unit or fines imposed against its unit owner from the time the assessment or fine becomes due. The association’s lien may be foreclosed in like manner as a mortgage on real estate. Unless the declaration otherwise […]