A. Except in the case of a sale where delivery of a public offering statementis required, or unless exempt under subsection B of § 55-476, a proprietarylessee shall furnish to a purchaser before execution of any contract for saleof a cooperative interest, or otherwise before conveyance, a copy of thedeclaration, the bylaws, the rules or regulations of the association and acertificate containing:
1. A statement disclosing the effect on the proposed disposition of any rightof first refusal or other restraint on the free alienability of thecooperative interest;
2. A statement setting forth the amount of the monthly common expenseassessment and any unpaid common expense or special assessment currently dueand payable from the selling proprietary lessee;
3. A statement of any other fees payable by proprietary lessees;
4. A statement of any capital expenditures anticipated by the association forthe current and next two succeeding fiscal years;
5. The current reserve study report or a summary thereof and a statement ofthe status and amount of any reserve or replacement fund and of any portionsof those reserves designated by the association for any specified projects;
6. The most recent regularly prepared balance sheet and income and expensestatement, if any, of the association, including the amount of any debt owedby the association or to be assumed by the association, inclusive ofprincipal and any accrued interest, loan fees and other similar charges;
7. The current operating budget of the association;
8. A statement of any unsatisfied judgments against the association and thestatus of any pending suits in which the association is a defendant;
9. A statement describing any insurance coverage provided for the benefit ofproprietary lessees;
10. A statement as to whether the executive board has knowledge that anyalterations or improvements to the unit or to the limited common elementsassigned thereto violate any provision of the declaration;
11. A statement as to whether the executive board has knowledge of anyviolations of the health or building codes with respect to the unit, thelimited common elements assigned thereto or any other portion of thecooperative;
12. A statement of the remaining term of any leasehold estate affecting thecooperative and the provisions governing any extension or renewal thereof;
13. Except where no public offering statement was prepared, a statement thatthe public offering statement and any amendments thereto are records of theassociation available for inspection by the purchaser;
14. An accountant's statement, if any was prepared, as to the deductibilityfor federal income taxes purposes by the proprietary lessee of real estatetaxes and interest paid by the association;
15. A statement of any restrictions in the declaration affecting the amountthat may be received by a proprietary lessee upon sale, condemnation or lossto the unit or the cooperative on termination of the cooperative; and
16. Certification, if applicable, that the proprietary lessees' associationhas filed with the Common Interest Community Board the annual report requiredby § 55-504.1; which certification shall indicate the filing number assignedby the Common Interest Community Board and the expiration date of such filing.
B. The association, within 10 days after a request by a proprietary lessee,shall furnish a certificate containing the information necessary to enablethe proprietary lessee to comply with this section. A proprietary lesseeproviding a certificate pursuant to subsection A is not liable to thepurchaser for any erroneous information provided by the association andincluded in the certificate.
C. A purchaser is not liable for any unpaid assessment or fee greater thanthe amount set forth in the certificate prepared by the association. Aproprietary lessee is not liable to a purchaser for the failure or delay ofthe association to provide the certificate in a timely manner, but thepurchase contract is voidable by the purchaser until the certificate has beenprovided and for five days thereafter or until conveyance, whichever firstoccurs.
(1982, c. 277; 1997, c. 222; 1998, c. 463; 2004, c. 242; 2005, c. 436; 2008,cc. 851, 871.)
A. Except in the case of a sale where delivery of a public offering statementis required, or unless exempt under subsection B of § 55-476, a proprietarylessee shall furnish to a purchaser before execution of any contract for saleof a cooperative interest, or otherwise before conveyance, a copy of thedeclaration, the bylaws, the rules or regulations of the association and acertificate containing:
1. A statement disclosing the effect on the proposed disposition of any rightof first refusal or other restraint on the free alienability of thecooperative interest;
2. A statement setting forth the amount of the monthly common expenseassessment and any unpaid common expense or special assessment currently dueand payable from the selling proprietary lessee;
3. A statement of any other fees payable by proprietary lessees;
4. A statement of any capital expenditures anticipated by the association forthe current and next two succeeding fiscal years;
5. The current reserve study report or a summary thereof and a statement ofthe status and amount of any reserve or replacement fund and of any portionsof those reserves designated by the association for any specified projects;
6. The most recent regularly prepared balance sheet and income and expensestatement, if any, of the association, including the amount of any debt owedby the association or to be assumed by the association, inclusive ofprincipal and any accrued interest, loan fees and other similar charges;
7. The current operating budget of the association;
8. A statement of any unsatisfied judgments against the association and thestatus of any pending suits in which the association is a defendant;
9. A statement describing any insurance coverage provided for the benefit ofproprietary lessees;
10. A statement as to whether the executive board has knowledge that anyalterations or improvements to the unit or to the limited common elementsassigned thereto violate any provision of the declaration;
11. A statement as to whether the executive board has knowledge of anyviolations of the health or building codes with respect to the unit, thelimited common elements assigned thereto or any other portion of thecooperative;
12. A statement of the remaining term of any leasehold estate affecting thecooperative and the provisions governing any extension or renewal thereof;
13. Except where no public offering statement was prepared, a statement thatthe public offering statement and any amendments thereto are records of theassociation available for inspection by the purchaser;
14. An accountant's statement, if any was prepared, as to the deductibilityfor federal income taxes purposes by the proprietary lessee of real estatetaxes and interest paid by the association;
15. A statement of any restrictions in the declaration affecting the amountthat may be received by a proprietary lessee upon sale, condemnation or lossto the unit or the cooperative on termination of the cooperative; and
16. Certification, if applicable, that the proprietary lessees' associationhas filed with the Common Interest Community Board the annual report requiredby § 55-504.1; which certification shall indicate the filing number assignedby the Common Interest Community Board and the expiration date of such filing.
B. The association, within 10 days after a request by a proprietary lessee,shall furnish a certificate containing the information necessary to enablethe proprietary lessee to comply with this section. A proprietary lesseeproviding a certificate pursuant to subsection A is not liable to thepurchaser for any erroneous information provided by the association andincluded in the certificate.
C. A purchaser is not liable for any unpaid assessment or fee greater thanthe amount set forth in the certificate prepared by the association. Aproprietary lessee is not liable to a purchaser for the failure or delay ofthe association to provide the certificate in a timely manner, but thepurchase contract is voidable by the purchaser until the certificate has beenprovided and for five days thereafter or until conveyance, whichever firstoccurs.
(1982, c. 277; 1997, c. 222; 1998, c. 463; 2004, c. 242; 2005, c. 436; 2008,cc. 851, 871.)
A. Except in the case of a sale where delivery of a public offering statementis required, or unless exempt under subsection B of § 55-476, a proprietarylessee shall furnish to a purchaser before execution of any contract for saleof a cooperative interest, or otherwise before conveyance, a copy of thedeclaration, the bylaws, the rules or regulations of the association and acertificate containing:
1. A statement disclosing the effect on the proposed disposition of any rightof first refusal or other restraint on the free alienability of thecooperative interest;
2. A statement setting forth the amount of the monthly common expenseassessment and any unpaid common expense or special assessment currently dueand payable from the selling proprietary lessee;
3. A statement of any other fees payable by proprietary lessees;
4. A statement of any capital expenditures anticipated by the association forthe current and next two succeeding fiscal years;
5. The current reserve study report or a summary thereof and a statement ofthe status and amount of any reserve or replacement fund and of any portionsof those reserves designated by the association for any specified projects;
6. The most recent regularly prepared balance sheet and income and expensestatement, if any, of the association, including the amount of any debt owedby the association or to be assumed by the association, inclusive ofprincipal and any accrued interest, loan fees and other similar charges;
7. The current operating budget of the association;
8. A statement of any unsatisfied judgments against the association and thestatus of any pending suits in which the association is a defendant;
9. A statement describing any insurance coverage provided for the benefit ofproprietary lessees;
10. A statement as to whether the executive board has knowledge that anyalterations or improvements to the unit or to the limited common elementsassigned thereto violate any provision of the declaration;
11. A statement as to whether the executive board has knowledge of anyviolations of the health or building codes with respect to the unit, thelimited common elements assigned thereto or any other portion of thecooperative;
12. A statement of the remaining term of any leasehold estate affecting thecooperative and the provisions governing any extension or renewal thereof;
13. Except where no public offering statement was prepared, a statement thatthe public offering statement and any amendments thereto are records of theassociation available for inspection by the purchaser;
14. An accountant's statement, if any was prepared, as to the deductibilityfor federal income taxes purposes by the proprietary lessee of real estatetaxes and interest paid by the association;
15. A statement of any restrictions in the declaration affecting the amountthat may be received by a proprietary lessee upon sale, condemnation or lossto the unit or the cooperative on termination of the cooperative; and
16. Certification, if applicable, that the proprietary lessees' associationhas filed with the Common Interest Community Board the annual report requiredby § 55-504.1; which certification shall indicate the filing number assignedby the Common Interest Community Board and the expiration date of such filing.
B. The association, within 10 days after a request by a proprietary lessee,shall furnish a certificate containing the information necessary to enablethe proprietary lessee to comply with this section. A proprietary lesseeproviding a certificate pursuant to subsection A is not liable to thepurchaser for any erroneous information provided by the association andincluded in the certificate.
C. A purchaser is not liable for any unpaid assessment or fee greater thanthe amount set forth in the certificate prepared by the association. Aproprietary lessee is not liable to a purchaser for the failure or delay ofthe association to provide the certificate in a timely manner, but thepurchase contract is voidable by the purchaser until the certificate has beenprovided and for five days thereafter or until conveyance, whichever firstoccurs.
(1982, c. 277; 1997, c. 222; 1998, c. 463; 2004, c. 242; 2005, c. 436; 2008,cc. 851, 871.)
