Chapter 048 |
2019 -- H 5129 SUBSTITUTE A Enacted 06/28/2019 |
A N A C T |
RELATING TO PROPERTY -- CONDOMINIUM LAW--RESALE OF UNITS |
Introduced By: Representatives Solomon, Casey, Johnston, Millea, and Vella- |
Date Introduced: January 16, 2019 |
It is enacted by the General Assembly as follows: |
SECTION 1. Section 34-36.1-4.9 of the General Laws in Chapter 34-36.1 entitled |
"Condominium Law" is hereby amended to read as follows: |
34-36.1-4.09. Resale of units. |
(a) Except in the case of a sale where delivery of a public offering statement is required, |
or unless exempt under § 34-36.1-4.01(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 |
declaration (other than the plats and plans), the bylaws, the rules or regulations of the association, |
and a certificate containing: |
(1) A statement disclosing the effect on the proposed disposition of any right of first |
refusal or other restraint on the free alienability of the unit; |
(2) A statement setting forth the amount of the monthly common expense assessment and |
any unpaid common expense or special assessment currently due and payable from the selling |
unit owner; |
(3) A statement of any other fees payable by unit owners; |
(4) A statement of any capital expenditures anticipated by the association for the current |
and two (2) next succeeding fiscal years; |
(5) A statement of the amount of any reserves for capital expenditures and of any |
portions of those reserves designated by the association for any specified projects; |
(6) The most recent regularly prepared balance sheet and income and expense statement, |
if any, of the association; |
(7) The current operating budget of the association; |
(8) A statement of any unsatisfied judgments against the association and the status of any |
pending suits in which the association is a defendant; |
(9) A statement describing any insurance coverage provided for the benefit of unit |
owners; |
(10) A statement as to whether the executive board has knowledge that any alterations or |
improvements to the unit or to the limited common elements assigned thereto violate any |
provision of the declaration; |
(11) A statement as to whether the executive board has knowledge of any violations of |
the health or building codes with respect to the unit, the limited common elements assigned |
thereto, or any other portion of the condominium; and |
(12) A statement of the remaining term of any leasehold estate affecting the |
condominium and the provisions governing any extension or renewal thereof. |
(b)(i) The association, within ten (10) days after a request by a unit owner, shall furnish a |
certificate containing the information necessary to enable the unit owner to comply with this |
section. |
(ii) In addition to those remedies as set forth in § 34-36.1-4.17, any association that fails |
to provide a certificate to the unit owner within ten (10) days of a written request by the unit |
owner is subject to a civil penalty of not less than one hundred dollars ($100) nor more than five |
hundred dollars ($500) per occurrence. |
(iii) A unit owner providing a certificate pursuant to subsection (a) is not liable to the |
purchaser for any erroneous information provided by the association and included in the |
certificate. |
(c) A purchaser is not liable for any unpaid assessment or fee greater than the amount set |
forth in the certificate prepared by the association. A unit owner is not liable to a purchaser for |
the failure or delay of the association to provide the certificate in a timely manner, but the |
purchaser contract is voidable by the purchaser until the certificate has been provided and for five |
(5) days thereafter or until conveyance, whichever first occurs. |
SECTION 2. This act shall take effect upon passage. |
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LC000707/SUB A |
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