What is a Statement of Demand?

Does not pertain to Condominium Hotels The statement of fees and assessments in the resale package may not be relied upon. It is necessary for any seller to purchase a statement of demand from the association and provide it to the buyer. The statement ofdemand may be requested by the […]

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When will the Resale Package be delivered?

An association or hotel unit owner has 10 days to provide the resale package after a request. If the documents are not provided within 10 days the buyer is not liable for any delinquent assessment. The resale package should be delivered as soon as practicable. Unless the buyer has accepted […]

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What are Unpaid Obligations in a Resale Package?

Do not pertain to Condominium Hotels The resale package for a home or unit in a common-interest community must also include a statement from the association setting forth the amount of the monthly assessment for common expenses and any unpaidobligations that are due from the selling unit’s owner, including management […]

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What is a Resale Package?

In transactions involving the resale of a unit previously sold by the developer, a resale package must be provided to the buyer at the expense of the seller. In addition to the information statement, the resale package includes the following: the declaration, bylaws, rules and regulations, monthly assessments, unpaid assessments […]

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When is the CIC disclosure due?

In a transaction requiring a public offering statement (further detailed below), the information statement is part of the public offering statement and is due no later than the date an offer to purchase becomes binding on the buyer. If the unit has not been inspected by the buyer, the buyer […]

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Who must provide the CIC Disclosure?

The seller must, at seller’s expense, provide an information statement with the sale of any unit within a common-interest community or condominium hotel. The statement is entitled “BEFORE YOU PURCHASE PROPERTY IN A [COMMON-INTEREST COMMUNITY] [CONDOMINIUM HOTEL] DID YOU KNOW…”

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What is the purpose of the CIC Disclosure?

The purpose of the information statement required when purchasing a home or unit in a common-interestcommunity or a condominium hotel is to make the buyer aware of all rights, obligations and other aspects related to owning a unit within a common-interest community (also known as a homeowner’s association) or a […]

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What is a Public Offering Statement?

If the property is a new unit in a common-interest community or a condominium hotel, or if the community is subject to any developmental rights, or contains converted buildings or contains units which may be in a time share, or is registered with the Securities and Exchange Commission, the buyer […]

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