27A V.S.A. § 2-123

(a) The declaration for a common interest community may state that it is a master planned community if the declarant has reserved the development right to create at least 500 units that may be used for residential purposes and at the time of the reservation that declarant owns or controls more than 500 acres on which the units may be built. (b) If the requirements of subsection (a) of this section are satisfied, the declaration for the master planned community need not state a maximum number of units and need not contain any of the information required by subdivisions 2-105(a)(3) through (14) of this title until the declaration is amended under subsection (c) of this section. (c) When each unit in a master planned community is conveyed to a purchaser, the declaration must contain: (1) a sufficient legal description of the unit and all portions of the master planned community in which any other units have been conveyed to a purchaser; and (2) all the information required by subdivisions 2-105(a)(3) through (14) of this title with respect to that real estate. (d) The only real estate in a master planned community that is subject to this title is units that have been declared or that are being offered for sale and any other real estate described pursuant to subsection (c) of this section. Other real estate that is or may become part of the master planned community is only subject to other law and to any other restrictions and limitations that appear as encumbrances duly recorded and indexed in the town clerk’s office. (e) If the public offering statement conspicuously identifies the fact that the community is a master planned community, the disclosure requirements contained in Article 4 of this title apply only with respect to units that have been declared or are being offered for sale in connection with the public offering statement and to the real estate described pursuant to subsection (c) of this section. (f) Limitations in this title on the addition of unspecified real estate (section 2-122 of this title) do not apply to a master planned community. (g) The period of declarant control of the association for a master planned community terminates in accordance with any conditions specified in the declaration or otherwise at the time the declarant, in a recorded instrument and after giving notice in a record to all the unit owners, voluntarily surrenders all rights to control the activities of the association. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 22, eff. Jan. 1, 2012.)