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1999 SESSION

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HB 2699 Condominium and Property Owners' Assn. Acts; resale certificate.

Introduced by: Thelma S. Drake | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Condominium Act; resale certificate. Requires condominium unit owners when selling their units to disclose to the purchaser in the purchase contract that (i) the unit is located within a development which is subject to the Condominium Act, (ii) the Act requires the seller to obtain from the unit owners’ association a resale certificate and provide it to the purchaser, (iii) the purchaser may cancel the contract within three days after receiving the resale certificate, and (iv) the right to receive the resale certificate and the right to cancel the contract are waived conclusively if not exercised before settlement. The bill provides that (i) if the contract does not contain the required disclosure, the purchaser’s sole remedy is to cancel the contract prior to settlement; (ii) the information contained in the resale certificate shall be current as of a specified date within 30 days of the date of the contract; (iii) the purchaser may cancel the contract (a) within three days after the date of the contract, if the purchaser receives the resale certificate on or before the date that the purchaser signs the contract; (b) within three days after receiving the resale certificate if the resale certificate is hand-delivered; or (c) within six days after the postmark date if the resale certificate is sent to the purchaser by United States mail; and (iv) the notice of cancellation shall be hand-delivered or sent by United State mail, return receipt requested, to the unit owner selling the unit. Such cancellation shall be without penalty and the unit owner shall cause any deposit to be returned promptly to the purchaser. The above requirements conform the Condominium Act to the Property Owners’ Association Act.


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