§ 34-36.1-4.03 Public offering statement– General provisions. – (a) Except as provided in subsection (b), a public offering statement mustcontain or fully and accurately disclose:
(1) The name and principal address of the declarant and ofthe condominium;
(2) A general description of the condominium, including tothe extent possible, the types, number, and declarant's schedule ofcommencement and completion of construction of buildings, and amenities thatdeclarant anticipates including in the condominium;
(3) The number of units in the condominium;
(4) Copies and a brief narrative description of thesignificant features of the declaration, other than the plats and plans, andany other recorded covenants, conditions, restrictions and reservationsaffecting the condominium; the bylaws, and any rules or regulations of theassociation; copies of any contracts and leases to be signed by purchasers atclosing, and a brief narrative description of any contracts or leases that willor may be subject to cancellation by the association under § 34-36.1-3.05;
(5) Any current balance sheet and a projected budget for theassociation, either within or as an exhibit to the public offering statement,for one year after the date of the first conveyance to a purchaser, andthereafter the current budget of the association, a statement of who preparedthe budget, and a statement of the budget's assumptions concerning occupancyand inflation factors. The budget must include, without limitation:
(i) An annual amount to establish a sufficient reserve forthe painting and/or staining of exterior wood surfaces, replacement of roofshingles, resurfacing of roadways, and replacement of other items subject todeterioration which shall include but not be limited to, exterior wooden decksand mulch;
(ii) An itemization of the life-span and expense forrestaining or repainting the exterior wood surfaces, resurfacing the roadways,and reshingling the roof, replacing exterior wooden decks, and replacing mulch,said expenses to be defined as annual and monthly sums per unit as part of thecommon expense assessment;
(iii) The projected common expense assessment by category ofexpenditures for the association; and
(iv) The projected monthly common expense assessment for eachtype of unit;
(6) Any services not reflected in the budget that thedeclarant provides, or expenses that he or she pays, and that he or she expectsmay become at any subsequent time a common expense of the association and theprojected common expense assessment attributable to each of those services orexpenses for the association and for each type of unit;
(7) Any initial or special fee due from the purchaser atclosing, together with a description of the purpose and method of calculatingthe fee;
(8) A description of any liens, defects, or encumbrances onor affecting the title to the condominium;
(9) A description of any financing offered or arranged by thedeclarant;
(10) The terms and significant limitations of any warrantiesprovided by the declarant, including statutory warranties and limitations onthe enforcement thereof or on damages;
(11) A statement that:
(i) Within ten (10) days after receipt of a public offeringstatement a purchaser, before conveyance, may cancel any contract for purchaseof a unit from a declarant;
(ii) If a declarant fails to provide a public offeringstatement to a purchaser before conveying a unit, that purchaser may recoverfrom the declarant ten percent (10%) of the sales price of the unit; and
(iii) If a purchaser receives the public offering statementmore than ten (10) days before signing a contract, he or she cannot cancel thecontract;
(12) A statement of any unsatisfied judgments or pendingsuits against the association, and the status of any pending suits material tothe condominium of which a declarant has actual knowledge;
(13) A statement that any deposit made in connection with thepurchase of a unit will be held in an escrow account until closing and will bereturned to the purchaser if the purchaser cancels the contract pursuant to§ 34-36.1-4.08, together with the name and address of the escrow agent;
(14) Any restraints on alienation of any portion of thecondominium;
(15) A description of the insurance coverage provided for thebenefit of unit owners;
(16) Any current or expected fees or charges to be paid byunit owners for the use of the common elements and other facilities related tothe condominium;
(17) The extent to which financial arrangements have beenprovided for completion of all improvements labeled "MUST BE BUILT" pursuant to§ 34-36.1-4.19;
(18) A brief narrative description of any zoning and otherland use requirements affecting the condominium; and
(19) All unusual and material circumstances, features, andcharacteristics of the condominium and the units.
(b) If a condominium composed of not more than twelve (12)units is not subject to any development rights, and no power is reserved to adeclarant to make the condominium part of a larger condominium, group ofcondominiums, or other real estate, a public offering statement may, but neednot, include the information otherwise required by subdivisions (a)(9), (10),and (15) – (19) and the narrative descriptions of documents required bysubdivision (a)(4).
(c) If a condominium composed of not more than twelve (12)units is not subject to any development rights, and no power is reserved to adeclarant to make the condominium part of a larger condominium, group ofcondominiums, or other real estate, a declarant who owns units for more thantwo (2) years from the date of the sale of the first unit shall not be requiredto issue a public offering statement pursuant to this section for those unitsowned for more than two (2) years.
(d) A declarant promptly shall amend the public offeringstatement to report any material change in the information required by thissection.
§ 34-36.1-4.03 Public offering statement– General provisions. – (a) Except as provided in subsection (b), a public offering statement mustcontain or fully and accurately disclose:
(1) The name and principal address of the declarant and ofthe condominium;
(2) A general description of the condominium, including tothe extent possible, the types, number, and declarant's schedule ofcommencement and completion of construction of buildings, and amenities thatdeclarant anticipates including in the condominium;
(3) The number of units in the condominium;
(4) Copies and a brief narrative description of thesignificant features of the declaration, other than the plats and plans, andany other recorded covenants, conditions, restrictions and reservationsaffecting the condominium; the bylaws, and any rules or regulations of theassociation; copies of any contracts and leases to be signed by purchasers atclosing, and a brief narrative description of any contracts or leases that willor may be subject to cancellation by the association under § 34-36.1-3.05;
(5) Any current balance sheet and a projected budget for theassociation, either within or as an exhibit to the public offering statement,for one year after the date of the first conveyance to a purchaser, andthereafter the current budget of the association, a statement of who preparedthe budget, and a statement of the budget's assumptions concerning occupancyand inflation factors. The budget must include, without limitation:
(i) An annual amount to establish a sufficient reserve forthe painting and/or staining of exterior wood surfaces, replacement of roofshingles, resurfacing of roadways, and replacement of other items subject todeterioration which shall include but not be limited to, exterior wooden decksand mulch;
(ii) An itemization of the life-span and expense forrestaining or repainting the exterior wood surfaces, resurfacing the roadways,and reshingling the roof, replacing exterior wooden decks, and replacing mulch,said expenses to be defined as annual and monthly sums per unit as part of thecommon expense assessment;
(iii) The projected common expense assessment by category ofexpenditures for the association; and
(iv) The projected monthly common expense assessment for eachtype of unit;
(6) Any services not reflected in the budget that thedeclarant provides, or expenses that he or she pays, and that he or she expectsmay become at any subsequent time a common expense of the association and theprojected common expense assessment attributable to each of those services orexpenses for the association and for each type of unit;
(7) Any initial or special fee due from the purchaser atclosing, together with a description of the purpose and method of calculatingthe fee;
(8) A description of any liens, defects, or encumbrances onor affecting the title to the condominium;
(9) A description of any financing offered or arranged by thedeclarant;
(10) The terms and significant limitations of any warrantiesprovided by the declarant, including statutory warranties and limitations onthe enforcement thereof or on damages;
(11) A statement that:
(i) Within ten (10) days after receipt of a public offeringstatement a purchaser, before conveyance, may cancel any contract for purchaseof a unit from a declarant;
(ii) If a declarant fails to provide a public offeringstatement to a purchaser before conveying a unit, that purchaser may recoverfrom the declarant ten percent (10%) of the sales price of the unit; and
(iii) If a purchaser receives the public offering statementmore than ten (10) days before signing a contract, he or she cannot cancel thecontract;
(12) A statement of any unsatisfied judgments or pendingsuits against the association, and the status of any pending suits material tothe condominium of which a declarant has actual knowledge;
(13) A statement that any deposit made in connection with thepurchase of a unit will be held in an escrow account until closing and will bereturned to the purchaser if the purchaser cancels the contract pursuant to§ 34-36.1-4.08, together with the name and address of the escrow agent;
(14) Any restraints on alienation of any portion of thecondominium;
(15) A description of the insurance coverage provided for thebenefit of unit owners;
(16) Any current or expected fees or charges to be paid byunit owners for the use of the common elements and other facilities related tothe condominium;
(17) The extent to which financial arrangements have beenprovided for completion of all improvements labeled "MUST BE BUILT" pursuant to§ 34-36.1-4.19;
(18) A brief narrative description of any zoning and otherland use requirements affecting the condominium; and
(19) All unusual and material circumstances, features, andcharacteristics of the condominium and the units.
(b) If a condominium composed of not more than twelve (12)units is not subject to any development rights, and no power is reserved to adeclarant to make the condominium part of a larger condominium, group ofcondominiums, or other real estate, a public offering statement may, but neednot, include the information otherwise required by subdivisions (a)(9), (10),and (15) – (19) and the narrative descriptions of documents required bysubdivision (a)(4).
(c) If a condominium composed of not more than twelve (12)units is not subject to any development rights, and no power is reserved to adeclarant to make the condominium part of a larger condominium, group ofcondominiums, or other real estate, a declarant who owns units for more thantwo (2) years from the date of the sale of the first unit shall not be requiredto issue a public offering statement pursuant to this section for those unitsowned for more than two (2) years.
(d) A declarant promptly shall amend the public offeringstatement to report any material change in the information required by thissection.
§ 34-36.1-4.03 Public offering statement– General provisions. – (a) Except as provided in subsection (b), a public offering statement mustcontain or fully and accurately disclose:
(1) The name and principal address of the declarant and ofthe condominium;
(2) A general description of the condominium, including tothe extent possible, the types, number, and declarant's schedule ofcommencement and completion of construction of buildings, and amenities thatdeclarant anticipates including in the condominium;
(3) The number of units in the condominium;
(4) Copies and a brief narrative description of thesignificant features of the declaration, other than the plats and plans, andany other recorded covenants, conditions, restrictions and reservationsaffecting the condominium; the bylaws, and any rules or regulations of theassociation; copies of any contracts and leases to be signed by purchasers atclosing, and a brief narrative description of any contracts or leases that willor may be subject to cancellation by the association under § 34-36.1-3.05;
(5) Any current balance sheet and a projected budget for theassociation, either within or as an exhibit to the public offering statement,for one year after the date of the first conveyance to a purchaser, andthereafter the current budget of the association, a statement of who preparedthe budget, and a statement of the budget's assumptions concerning occupancyand inflation factors. The budget must include, without limitation:
(i) An annual amount to establish a sufficient reserve forthe painting and/or staining of exterior wood surfaces, replacement of roofshingles, resurfacing of roadways, and replacement of other items subject todeterioration which shall include but not be limited to, exterior wooden decksand mulch;
(ii) An itemization of the life-span and expense forrestaining or repainting the exterior wood surfaces, resurfacing the roadways,and reshingling the roof, replacing exterior wooden decks, and replacing mulch,said expenses to be defined as annual and monthly sums per unit as part of thecommon expense assessment;
(iii) The projected common expense assessment by category ofexpenditures for the association; and
(iv) The projected monthly common expense assessment for eachtype of unit;
(6) Any services not reflected in the budget that thedeclarant provides, or expenses that he or she pays, and that he or she expectsmay become at any subsequent time a common expense of the association and theprojected common expense assessment attributable to each of those services orexpenses for the association and for each type of unit;
(7) Any initial or special fee due from the purchaser atclosing, together with a description of the purpose and method of calculatingthe fee;
(8) A description of any liens, defects, or encumbrances onor affecting the title to the condominium;
(9) A description of any financing offered or arranged by thedeclarant;
(10) The terms and significant limitations of any warrantiesprovided by the declarant, including statutory warranties and limitations onthe enforcement thereof or on damages;
(11) A statement that:
(i) Within ten (10) days after receipt of a public offeringstatement a purchaser, before conveyance, may cancel any contract for purchaseof a unit from a declarant;
(ii) If a declarant fails to provide a public offeringstatement to a purchaser before conveying a unit, that purchaser may recoverfrom the declarant ten percent (10%) of the sales price of the unit; and
(iii) If a purchaser receives the public offering statementmore than ten (10) days before signing a contract, he or she cannot cancel thecontract;
(12) A statement of any unsatisfied judgments or pendingsuits against the association, and the status of any pending suits material tothe condominium of which a declarant has actual knowledge;
(13) A statement that any deposit made in connection with thepurchase of a unit will be held in an escrow account until closing and will bereturned to the purchaser if the purchaser cancels the contract pursuant to§ 34-36.1-4.08, together with the name and address of the escrow agent;
(14) Any restraints on alienation of any portion of thecondominium;
(15) A description of the insurance coverage provided for thebenefit of unit owners;
(16) Any current or expected fees or charges to be paid byunit owners for the use of the common elements and other facilities related tothe condominium;
(17) The extent to which financial arrangements have beenprovided for completion of all improvements labeled "MUST BE BUILT" pursuant to§ 34-36.1-4.19;
(18) A brief narrative description of any zoning and otherland use requirements affecting the condominium; and
(19) All unusual and material circumstances, features, andcharacteristics of the condominium and the units.
(b) If a condominium composed of not more than twelve (12)units is not subject to any development rights, and no power is reserved to adeclarant to make the condominium part of a larger condominium, group ofcondominiums, or other real estate, a public offering statement may, but neednot, include the information otherwise required by subdivisions (a)(9), (10),and (15) – (19) and the narrative descriptions of documents required bysubdivision (a)(4).
(c) If a condominium composed of not more than twelve (12)units is not subject to any development rights, and no power is reserved to adeclarant to make the condominium part of a larger condominium, group ofcondominiums, or other real estate, a declarant who owns units for more thantwo (2) years from the date of the sale of the first unit shall not be requiredto issue a public offering statement pursuant to this section for those unitsowned for more than two (2) years.
(d) A declarant promptly shall amend the public offeringstatement to report any material change in the information required by thissection.
