76-880. Public-offering statement; general provisions.

289 words·~1 min read·/ne/chapter-76/76-880

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A public-offering statement must contain or fully and accurately disclose:

(1)the name and principal address of the declarant and of the condominium;

(2)a general description of the condominium and the amenities the declarant anticipates including, to the extent possible, the types and number and the declarant's anticipated schedule of commencement and completion;

(3)the anticipated number of units in the condominium;

(4)a statement that copies of the declaration other than the plats and plans and any other recorded covenants, conditions, restrictions and reservations affecting the condominium, the bylaws, and any rules or regulations of the association, and copies of any contracts or leases that will or may be subject to cancellation by the association under section 76-863 are available for inspection at the principal office of the declarant or association;

(5)the amount of the current monthly assessment and the current operating budget, if any;

(6)a statement that the declarant may be paying expenses that may later be paid by the association;

(7)any initial or special fee due from the purchaser at closing;

(8)a statement that a copy of any insurance policy provided for the benefit of the unit owners is available from the association upon request; and

(9)any current fees or charges to be paid by unit owners for the use of the common elements and other facilities related to the condominium.

(b)If a declarant fails to provide a public-offering statement to a purchaser before conveying a unit, such purchaser may recover any actual damages sustained.

(c)A declarant shall amend the public-offering statement by an addendum not later than each January 1 it is in use to report any material change in the information required by this section.