Vermont Common Interest Ownership Act

When buying a condo in Vermont you have the right to review documents relating to the association you are buying into. These documents include financial data, and legal status. The full text of the Act is below.

§ 4-109. Resales of units.

(a) Except in the case of a sale where delivery of a public offering statement is required or is exempt under subsection 4-101(b) of this title, a unit owner shall furnish to a purchaser before the conveyance or transfer of the right of possession of a unit, whichever is earlier, a copy of the declaration, without any plats and plans, the bylaws, the rules or regulations of the association and a certificate which discloses the following:

(1) The effect on the proposed disposition of any right of first refusal or other restraint on the free alienability of the unit held by the association.

(2) The amount of the periodic common expense assessment and any unpaid common expense or special assessment currently due and payable from or by the seller.

(3) Any other fees payable by the owner of the unit being sold.

(4) The amount of any reserves for capital expenditures and of any portions of those reserves designated by the association for any specified projects.

(5) The most recent regularly prepared balance sheet and income and expense statement, if any, of the association.

(6) The current operating budget of the association.

(7) Any unsatisfied judgments against the association and the status of any pending suits in which the association is a defendant.

(8) The amount of any insurance coverage provided for the benefit of unit owners.

(9) Any alterations or improvements to the unit, or to the limited common elements assigned to it which violate any provision of the declaration within the knowledge of the executive board.

(10) Any violations of the health or building codes with respect to the unit, the limited common elements assigned to it, or any other portion of the common interest community within the knowledge of the executive board or managing entity.

(11) The remaining term of any leasehold estate affecting the common interest community and the provisions governing any extension or renewal of it.

(12) Any restrictions in the declaration affecting the amount that may be received by a unit owner upon sale, condemnation, casualty loss to the unit or the common interest community, or termination of the common interest community.

(b) The association, within ten days after a request by a unit owner, shall furnish to the unit owner a certificate containing the information necessary to enable the unit owner to comply with this section. A unit owner providing a certificate pursuant to subsection (a) of this section is not liable to the purchaser for any erroneous information provided by the association and included in the certificate.

(c) A purchaser is not liable for any unpaid assessment or fee greater than the amount set forth in the certificate prepared by the association. A unit owner is not liable to a purchaser for the failure or delay of the association to provide the certificate in a timely manner, but the purchase contract is voidable by the purchaser until the certificate has been provided and for five days thereafter.

Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.

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