CHAPTER 34-36.1
Condominium Law

ARTICLE 34-36.1-4.01
Protection of Condominium Purchasers

SECTION 34-36.1-4.01

§ 34-36.1-4.01. Applicability – Waiver.

(a) This article applies to all units subject to this chapter except as provided in subsection (b) or as modified or waived by agreement of purchasers of units in a condominium 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 gratuitous disposition of a unit;

(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 person in the business of selling real estate who intends to offer those units to purchasers or;

(6) A disposition that may be cancelled at any time and for any reason by the purchaser without penalty.

History of Section.
(P.L. 1982, ch. 329, § 2.)