Section 35-8A-401 Applicability; waiver.
Section 35-8A-401
Applicability; waiver.
(a) This article applies to all units subject to this chapter, except as provided in subsection (b) or as modified or waived by agreement of purchasers of units in a condominium in which all units are restricted to nonresidential use.
(b) Neither an offering statement nor a resale certificate need be prepared or delivered in the case of:
(1) A gratuitous disposition of a unit;
(2) A transfer pursuant to court order;
(3) A disposition by a government or governmental agency;
(4) A transfer by foreclosure or disposition by deed in lieu of foreclosure;
(5) A disposition to a person in the business of selling real estate who intends to offer those units to purchasers;
(6) A disposition that may be canceled at any time and for any reason by the purchaser without penalty; or
(7) A disposition of a time share interest in a unit.
(Acts 1990, No. 90-551, p. 858, §4-101.)