Section 515B.4-1021 — Disclosure Statement; General Provisions; Cic Created On Or After August 1, 2010.
515B.4-1021 DISCLOSURE STATEMENT; GENERAL PROVISIONS; CIC CREATED ON OR AFTER AUGUST 1, 2010. (a) A disclosure statement shall fully and accurately disclose: (1) the name and, if available, the number of the common interest community; (2) the name and principal address of each declarant holding any special declarant rights; a description of the special declarant […]
Section 515B.4-103 — Common Interest Communities Subject To Rights To Add Additional Real Estate.
515B.4-103 COMMON INTEREST COMMUNITIES SUBJECT TO RIGHTS TO ADD ADDITIONAL REAL ESTATE. If the declaration provides that a common interest community is subject to any rights to add additional real estate: (1) the disclosure statement shall include the following notice: “The following notice is required by Minnesota Statutes. The declarant has reserved in the declaration […]
Section 515B.4-104 — Time Shares.
515B.4-104 TIME SHARES. If the declaration permits time shares, the disclosure statement shall contain or disclose, in addition to the information required by sections 515B.4-102 and 515B.4-103: (1) the unit identifiers of the units in which time shares may be created; (2) the total number of time shares that may be created; (3) the minimum […]
Section 515B.4-105 — Common Interest Community With Building Once Occupied.
515B.4-105 COMMON INTEREST COMMUNITY WITH BUILDING ONCE OCCUPIED. The disclosure statement for a common interest community containing any building that was at any time before the creation of the common interest community wholly or partially occupied, for any purpose, by persons other than purchasers or persons who occupied with the consent of purchasers, shall contain, […]
Section 515B.4-106 — Purchaser’s Right To Cancel.
515B.4-106 PURCHASER’S RIGHT TO CANCEL. (a) A person required to deliver a disclosure statement pursuant to section 515B.4-101 (b) shall provide at least one of the purchasers of the unit with a copy of the disclosure statement and all amendments thereto before conveyance of the unit. If a purchaser is not given a disclosure statement […]
Section 515B.4-107 — Resale Of Units.
515B.4-107 RESALE OF UNITS. (a) In the event of a resale of a unit by a unit owner other than a declarant, unless exempt under section 515B.4-101(c), the unit owner shall furnish to a purchaser, before execution of any purchase agreement for a unit or otherwise before conveyance, the following documents relating to the association […]
Section 515B.4-108 — Purchaser’s Right To Cancel Resale.
515B.4-108 PURCHASER’S RIGHT TO CANCEL RESALE. (a) Unless a purchaser is given the information required to be delivered by section 515B.4-107, more than ten days prior to the execution of the purchase agreement for the unit the purchaser may, prior to the conveyance, cancel the purchase agreement within ten days after receiving the information. The […]
Section 515B.4-109 — Escrow Deposits.
515B.4-109 ESCROW DEPOSITS. All earnest money paid or deposits made in connection with the purchase or reservation of units from or with a declarant shall be deposited in an escrow account controlled jointly by the declarant and the purchaser, or controlled by a licensed title insurer or agent thereof, an attorney representing either the declarant […]
Section 515B.4-110 — Obligation To Release Liens.
515B.4-110 OBLIGATION TO RELEASE LIENS. (a) In the case of a transfer of a unit where a disclosure statement is required, the declarant, before conveying the unit, shall: (1) record or furnish to the purchaser recordable releases of all liens, the foreclosure of which could deprive the unit owner of title to or occupancy of […]
Section 515B.3-117 — Other Liens.
515B.3-117 OTHER LIENS. (a) Except in a cooperative and except as otherwise provided in this chapter or in a security instrument, an individual unit owner may have the unit owner’s unit released from a lien if the unit owner (1) pays the lienholder the portion of the amount which the lien secures that is attributable […]