Section 515A.4-1075 — Purchaser’s Right To Cancel.
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, […]
Section 515A.4-108 — Escrow Of Deposits.
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 […]
Section 515A.3-113 — Surplus Funds.
515A.3-113 SURPLUS FUNDS. Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves shall be credited to the unit owners to reduce their future common expense assessments. History: 1980 c 582 art 3 s 515.3-113
Section 515A.3-114 — Assessments For Common Expenses.
515A.3-114 ASSESSMENTS FOR COMMON EXPENSES. (a) Until the association levies a common expense assessment, the declarant shall pay all accrued expenses of the condominium. After any assessment has been levied by the association, assessments shall be levied at least annually and shall be based on a budget adopted at least annually by the association. (b) […]
Section 515A.3-115 — Lien For Assessments.
515A.3-115 LIEN FOR ASSESSMENTS. (a) The association has a lien on a unit for any assessment levied against that unit from the time the assessment becomes payable. The association’s lien may be foreclosed as provided by the laws of this state as if it were a lien under a mortgage containing a power of sale […]
Section 515A.3-116 — Association Records.
515A.3-116 ASSOCIATION RECORDS. The association shall keep financial records sufficiently detailed to enable the association to comply with section 515A.4-107. All financial records shall be made reasonably available for examination by any unit owner and the unit owner’s authorized agents. History: 1980 c 582 art 3 s 515.3-116; 1986 c 444
Section 515A.3-117 — Association As Trustee.
515A.3-117 ASSOCIATION AS TRUSTEE. With respect to a third person dealing with the association in the association’s capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whether the association has power to act as trustee […]
Section 515A.4-101 — Applicability; Waiver.
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 […]
Section 515A.4-102 — Disclosure Statement; General Provisions.
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, […]
Section 515A.4-104 — Same; Conversion Condominiums.
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 […]