515A.4-101 APPLICABILITY; WAIVER. (a) Sections 515A.4-101 to 515A.4-118 apply to all units subject to sections 515A.1-101 to 515A.4-117 except as provided in subsection (b) and section 515A.4-113 or as modified or waived by agreement of purchasers of units in a condominium in which all units are restricted to nonresidential use. (b) A disclosure statement need […]
515A.4-102 DISCLOSURE STATEMENT; GENERAL PROVISIONS. A disclosure statement shall fully disclose: (a) the name and principal address of the declarant and the address and the name, if any, and number, if available, of the condominium; (b) a general description of the condominium; including without limitation the types and number of all buildings, units and amenities, […]
515A.4-104 SAME; CONVERSION CONDOMINIUMS. The disclosure statement of a conversion condominium the units of which may be used for residential purposes shall contain, in addition to the information required by section 515A.4-102: (a) A professional opinion prepared by an architect licensed in this state or a registered professional engineer licensed in this state, describing the […]
515A.4-106 PURCHASER’S RIGHT TO CANCEL. (a) Unless delivery of a disclosure statement is not required under section 515A.4-101(b), a declarant shall provide at least one of the purchasers of a unit with a copy of a disclosure statement not later than the date of any purchase agreement. Unless a purchaser is given the disclosure statement […]
515A.4-107 RESALES OF UNITS. (a) In the event of a resale of a unit by a unit owner other than a declarant, the unit owner shall furnish to a purchaser before execution of any purchase agreement for a unit, or otherwise before conveyance, a copy of the declaration, other than the condominium plat, the bylaws, […]
515A.4-1075 PURCHASER’S RIGHT TO CANCEL. (a) The information required to be delivered by section 515A.4-107 shall be delivered to a purchaser not later than the date of any purchase agreement. Unless a purchaser is given the information more than 15 days prior to the execution of the purchase agreement for the unit the purchaser may, […]
515A.4-108 ESCROW OF DEPOSITS. Any earnest money paid in connection with the purchase or reservation of a unit from a declarant shall be escrowed and held in this state in an account, savings deposit or certificate of deposit designated solely for that purpose in an institution whose accounts are insured by a governmental agency or […]
515A.4-109 RELEASE OF INTERESTS AS SECURITY FOR AN OBLIGATION. (a) Before conveying a unit to a purchaser other than a declarant, the seller shall furnish to the purchaser releases for that unit and its common element interest of all interests as security for an obligation affecting more real estate than that unit and its common […]
515A.4-110 CONVERSION CONDOMINIUMS. (a) A declarant of a conversion condominium shall give each of the tenants and any subtenant in possession of buildings subject to sections 515A.1-101 to 515A.4-117 notice of the conversion or the intent to convert no later than 120 days before the declarant will require them to vacate. The notice shall set […]
515A.4-111 EXPRESS WARRANTIES. (a) Express warranties made by a declarant or an affiliate of a declarant to a purchaser of a unit if reasonably relied upon by the purchaser, are created as follows: (1) any affirmation of fact or promise which relates to the unit, its use, or rights appurtenant thereto, area improvements to the […]
515A.4-112 IMPLIED WARRANTIES. (a) A declarant warrants to a purchaser 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, reasonable wear and tear excepted. (b) A declarant warrants to a purchaser that […]
515A.4-113 EXCLUSION OR MODIFICATION OF IMPLIED WARRANTIES. (a) Except as limited by subsection (b) implied warranties: (1) may be excluded or modified by agreement of the parties; and (2) are excluded by expression of disclaimer, such as “as is,” “with all faults,” or other language which in common understanding calls the buyer’s attention to the […]
515A.4-114 STATUTE OF LIMITATIONS FOR WARRANTIES. (a) A judicial proceeding for breach of any obligation arising under section 515A.4-111 or 515A.4-112 must be commenced within six years after the cause of action accrues, but the parties may reduce the period of limitation to not less than two years. With respect to a unit which may […]
515A.4-115 EFFECT OF VIOLATIONS ON RIGHTS OF ACTION; ATTORNEY’S FEES. If a declarant or any other person subject to sections 515A.1-101 to 515A.4-117 violates any provision thereof or any provision of the declaration or bylaws, any person or class of persons adversely affected by the violation has a claim for appropriate relief. Punitive damages may […]
515A.4-116 LABELING OF PROMOTIONAL MATERIAL. If any improvement contemplated in a condominium is required by section 515A.2-110(b)(3) to be labeled “NEED NOT BE BUILT” on the condominium plat, no promotional material may be displayed or delivered to prospective purchasers which describes or depicts that improvement unless the description or depiction of the improvement is conspicuously […]
515A.4-117 DECLARANT’S OBLIGATION TO COMPLETE AND RESTORE. (a) The declarant shall complete all improvements labeled “MUST BE BUILT” on the condominium plat prepared pursuant to section 515A.2-110. (b) The declarant is subject to liability for the prompt repair and restoration to a condition compatible with the remainder of the condominium of any portion of the […]
515A.4-118 REFERENCES. When used in sections 515A.1-101 to 515A.4-118, the term “this act” and similar terms refer to sections 515A.1-101 to 515A.4-118. History: 1980 c 582 art 4 s 515.4-118
