5404 - Public offering statement; planned communities containing conversion buildings.
§ 5404. Public offering statement; planned communities containing conversion buildings. (a) General rule.--The public offering statement of a planned community containing a conversion building must contain, in addition to the information required by section 5402 (relating to public offering statement; general provisions): (1) A statement by the declarant, based on a report prepared by an independent registered architect or professional engineer: (i) Describing the age and present condition and, if known or reasonably ascertainable, the dates of construction, installation and major repairs of all structural components and mechanical and electrical installations, including, but not limited to, roofs, plumbing, heating, air conditioning, elevators, storm water systems and sewage treatment systems material to the use and enjoyment of the planned community. (ii) Describing the results of the inspection of the units and common elements required pursuant to section 5411(c) (relating to warranty against structural defects) for visible conditions that adversely affect the health or safety of residential occupants. The statement should also state the extent to which the report by the architect or professional engineer is based upon a visual inspection of the units as well as the common elements. (2) A statement by the declarant of the expected useful life of each item reported on in paragraph (1), including the current replacement costs of such item. (3) A list of any outstanding notices of uncured violations of building codes or other municipal regulations, together with the estimated cost of curing those violations. (4) A statement by the declarant, based on a report prepared by an independent licensed exterminating company, describing the presence at the planned community of any visible pest conditions dangerous to health and safety, such as the presence of insects and rodents dangerous to health or safety, and outlining actions taken or to be taken to eliminate the existence of pest conditions dangerous to health or safety. (b) Applicability of section.--This section applies only to units that may be occupied for residential use. Cross References. Section 5404 is referred to in sections 5102, 5401, 5411 of this title.