§ 4-111.

206 words·~1 min read·/vt/4-111-2

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

§ 4-111. Release of liens

(a)In the case of a sale of a unit where delivery of a public offering statement is required pursuant to subsection 4-102(c) of this title, before conveying a unit, a seller shall:

(1)record or furnish to the purchaser releases of all liens, except liens on real estate that a declarant has the right to withdraw from the common interest community, that the purchaser does not expressly agree to take subject to or assume and that encumber:

(A)in a condominium, that unit and its common element interest; and

(B)in a planned community, that unit and any limited common elements assigned to it; or

(2)provide a surety bond or substitute collateral for or insurance against the lien.

(b)Before conveying real estate to the association, the declarant shall have that real estate released from:

(1)all liens the foreclosure of which would deprive unit owners of any right of access to or easement of support of their units; and

(2)all other liens on that real estate unless the public offering statement describes certain real estate that may be conveyed subject to liens in specified amounts. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)