Section 448.4-110 – Escrow of deposits.
Effective – 28 Aug 1983 448.4-110. Escrow of deposits. — Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver an original sale certificate pursuant to subsection 3 of section 448.4-102 shall be placed in escrow and held either in this state or in the state […]
Section 448.4-111 – Release of liens.
Effective – 28 Aug 1983 448.4-111. Release of liens. — 1. In the case of a sale of a unit where delivery of an original sale certificate is required pursuant to subsection 3 of section 448.4-102, a seller shall, before conveying a unit, record or furnish to the purchaser releases of all liens affecting that […]
Section 448.4-112 – Conversion buildings — low or moderate income elderly tenants and disabled tenants, rights of.
Effective – 28 Aug 1983 448.4-112. Conversion buildings — low or moderate income elderly tenants and disabled tenants, rights of. — 1. 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 […]
Section 448.4-113 – Express warranties of quality.
Effective – 28 Aug 1983 448.4-113. Express warranties of quality. — 1. Express warranties made by any seller to a purchaser of a unit, if 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 […]
Section 448.3-117 – Other liens affecting the condominium.
Effective – 28 Aug 1983 448.3-117. Other liens affecting the condominium. — 1. A judgment for money against the association, if recorded, is not a lien on the common elements, but is a lien in favor of the judgment lienholder against all of the units in the condominium at the time the judgment was entered. […]
Section 448.3-118 – Association records.
Effective – 28 Aug 1983 448.3-118. Association records. — The association shall keep financial records sufficiently detailed to enable the association to comply with section 448.4-107. All financial and other records shall be made reasonably available for examination by any unit owner and his authorized agents. ——– (L. 1983 H.B. 177)
Section 448.3-119 – Association as trustee.
Effective – 28 Aug 1983 448.3-119. 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 […]
Section 448.4-101 – Applicability — waiver.
Effective – 28 Aug 1983 448.4-101. Applicability — waiver. — 1. Sections 448.4-101 to 448.4-120 apply to all units subject to sections 448.1-101 to 448.4-120, except as provided in subsection 2 of this section or as modified or waived by agreement of purchasers of units in a condominium in which all units are restricted to […]
Section 448.4-102 – Liability for public offering statement requirements.
Effective – 28 Aug 1983 448.4-102. Liability for public offering statement requirements. — 1. Except as provided in subsection 2 of this section, a declarant shall, prior to the offering of any interest in a unit to the public, prepare an original sale certificate conforming to the requirements of sections 448.4-103, 448.4-104, 448.4-105, and 448.4-106. […]
Section 448.4-103 – Original sale certificate, general provisions.
Effective – 28 Aug 1983 448.4-103. Original sale certificate, general provisions. — 1. An original sale certificate shall contain or fully and accurately disclose: (1) The name and principal address of the declarant and of the condominium; (2) A general description of the condominium, including, to the extent possible, the types, number, and declarant’s schedule […]