448.4-109. Resales of units.
Resales of units.
448.4-109. 1. Except in the case of a sale where deliveryof an original sale certificate is required, or unless exemptunder subsection 2 of section 448.4-101, a unit owner shallfurnish to a purchaser before execution of any contract for saleof a unit, or otherwise before conveyance, a resale certificatecontaining: a copy of the declaration, other than the plats andplans; the bylaws; and the rules or regulations of theassociation. Such resale certificate shall disclose:
(1) The effect on the proposed disposition of any right offirst refusal or other restraint on the free alienability of theunit;
(2) The amount of the monthly common expense assessment andany unpaid common expense or special assessment currently due andpayable from the selling unit owner;
(3) Any other fees payable by unit owners;
(4) Any capital expenditures anticipated by the associationfor the current and two next succeeding fiscal years;
(5) The amount of any reserves for capital expenditures andof any portions of those reserves designated by the associationfor any specified projects;
(6) The most recent regularly prepared balance sheet andincome and expense statement, if any, of the association;
(7) The current operating budget of the association;
(8) A statement of any unsatisfied judgments against theassociation and the status of any pending suits in which theassociation is a defendant;
(9) A statement describing any insurance coverage providedfor the benefit of unit owners;
(10) A statement as to whether the executive board hasknowledge that any alterations or improvements to the unit or tothe limited common elements assigned thereto violate anyprovision of the declaration; and
(11) A statement of the remaining term of any leaseholdestate affecting the condominium and the provisions governing anyextension or renewal thereof.
2. The association, within ten days after a request by aunit owner, shall furnish a certificate containing theinformation necessary to enable the unit owner to comply withthis section. A unit owner providing a certificate pursuant tosubsection 1 of this section is not liable to the purchaser forany erroneous information provided by the association andincluded in the certificate.
3. A purchaser is not liable for any unpaid assessment orfee greater than the amount set forth in the certificate preparedby the association. A unit owner is not liable to a purchaserfor the failure or delay of the association to provide thecertificate in a timely manner, but the purchase contract isvoidable by the purchaser until the certificate has been providedand for five days thereafter or until conveyance, whichever firstoccurs.
(L. 1983 H.B. 177)