76-884. Resale of unit; information required.

336 words·~2 min read·/ne/chapter-76/76-884

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

(a)Except in the case of a sale where delivery of a public-offering statement is required or unless exempt under subsection

(b)of section 76-878 , the unit owner and any other person in the business of selling real estate who offers a unit to a purchaser shall furnish to a purchaser before conveyance a copy of the declaration other than the plats and plans, the bylaws, the rules or regulations of the association, and the following information:

(1)a statement setting forth the amount of the monthly common expense assessment and any unpaid common expense or special assessment currently due and payable from the selling unit owner;

(2)any other fees payable by unit owners;

(3)the most recent regularly prepared balance sheet and income and expense statement, if any, of the association;

(4)the current operating budget of the association, if any;

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

(6)a statement of the remaining term of any leasehold estate affecting the condominium and the provisions governing any extension or renewal thereof; and

(7)a disclosure of any threatened or pending litigation involving the unit or the association.

(b)The association, within ten days after a request by a unit owner, shall furnish in writing the information necessary to enable the unit owner to comply with this section. A unit owner providing information 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 information prepared by the association. The unit owner or any other person in the business of selling real estate who offers a unit to a purchaser is not liable to a purchaser for the failure or delay of the association to provide such information in a timely manner.