Sec. 47-262. Applicability of part. Exceptions to requirement of public offering statement or resale certificate.
228 words·~1 min read·
/ct/title-47/chapter-828-common-interest-ownership-act/47-262·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Sections 47-262 to 47-281 , inclusive, apply to all units subject to this chapter, except as provided in subsection
(b)of this section or as modified or waived by agreement of purchasers of units in a common interest community in which all units are restricted to nonresidential use.
(b)Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of:
(1)A disposition of a unit without consideration;
(2)a disposition pursuant to court order;
(3)a disposition by a government or governmental agency;
(4)a disposition by foreclosure or deed in lieu of foreclosure;
(5)a disposition to a purchaser of a unit restricted to nonresidential use, whether or not the common interest community is subject to this chapter;
(6)a disposition that may be cancelled at any time and for any reason by the purchaser without penalty;
(7)a disposition of a unit in a common interest community that, as provided in subsection
(c)of section 47-215 ,
(A)contains no more than twelve units,
(B)is not subject to any development rights and
(C)does not utilize a master association; or
(8)a disposition of a unit in a planned community in which the declaration limits the annual average common expense liability of all units as provided in subdivision
(3)of subsection
(a)of section 47-215 .