§ 4406. Public offering statement; cooperatives containing conversion buildings.

350 words·~2 min read·/pa/title-68/chapter-44/4406

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

(a)General rule.-- The public offering statement of a cooperative containing any conversion building must contain, in addition to the information required by section 4403 (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, describing:

(i)The age, present visible condition and, if known or 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 and elevators material to the use and enjoyment of the cooperative.

(ii)The results of the inspection of the units and common elements required pursuant to section 4414(c) (relating to implied warranty against structural defects) for visible conditions that adversely affect the health or safety of the residential occupants.

(iii)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 cost of such item.

(3)A list of any outstanding notices of uncured violations of building code 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 in the conversion building of, if 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 are intended for residential use at the time of sale by the declarant of the cooperative interest of which the unit is a part.

68c4406v

Cross References. Section 4406 is referred to in sections 4102, 4401, 4402, 4414 of this title.

68c4407s