Verbatim from the public record. The law itself is a government work — always confirm the current version on the official source before you rely on it.
(a) Except as otherwise provided in subsection (b) of this section, a public offering
statement shall contain or fully and accurately disclose all the following:
(1) The name and principal address of the declarant and of the common interest community,
and a statement that the common interest community is either a condominium or planned
community.
(2) A general description of the common interest community, including to the extent known,
the types, number, and declarant’s schedule of commencement and completion of construction
of buildings, and amenities that the declarant anticipates including in the common
interest community.
(3) The number of units in the common interest community.
(4) Copies and a brief narrative description of the significant features of the declaration,
other than any plats and plans, and any other recorded covenants, conditions, restrictions,
and reservations affecting the common interest community; the bylaws and any rules
or regulations of the association; copies of any contracts and leases to be signed
by purchasers at closing; and a brief narrative description of any contracts or leases
that will or may be subject to cancellation by the association or managing entity
under section 3-105 of this title.
(5) The financial information required by subsection (d) of this section.
(6) Any services not reflected in the budget that the declarant provides, or expenses
that the declarant pays, and that the declarant expects may become a common expense
of the association and the projected common expense assessment attributable to each
of those services or expenses for the association and for each type of unit.
(7) Any initial or special fee due from the purchaser or seller at the time of sale and
a description of the purpose and method of calculating the fee.
(8) A description of any liens, defects or encumbrances on or affecting the title to the
common interest community.
(9) A description of any financing offered or arranged by the declarant.
(10) The terms and significant limitations of any warranties provided by the declarant,
including statutory warranties and limitations on the enforcement thereof or on damages.
(11) A statement of any unsatisfied judgments or pending suits against the association
and the status of any pending suits material to the common interest community of which
a declarant has actual knowledge.
(12) Any restraints on alienation of any portion of the common interest community and any
restrictions:
(A) on use, occupancy, and alienation of the units, and
(B) on the amount for which a unit may be sold or on the amount that may be received by
a unit owner on sale, condemnation, or casualty loss to the unit or to the common
interest community, or on termination of the common interest community.
(13) A description of the insurance coverage provided for the benefit of unit owners.
(14) Any current or expected fees or charges to be paid by unit owners for the use of the
common elements and other facilities related to the common interest community.
(15) The extent to which financial arrangements have been provided for completion of all
improvements that the declarant is obligated to build pursuant to section 4-119 of this title.
(16) A brief narrative description of any zoning and other land use requirements affecting
the common interest community.
(17) All unusual and material circumstances, features, and characteristics of the common
interest community and the units.
(18) A description of any arrangement described in section 1-209 of this title that binds the association.
(b) If a common interest community composed of not more than four units is not subject
to any development rights and no power is reserved to a declarant to make the common
interest community part of a larger common interest community, group of common interest
communities or other real estate, a public offering statement need not include the
information otherwise required by subdivisions (a)(4), (9), (10), (15), (16), and
(17) of this section.
(c) A declarant shall promptly amend the public offering statement to report any material
change in the information required by this section.
(d) The public offering statement must contain any current balance sheet and a projected
budget for the association, either within or as an exhibit to the public offering
statement, for one year after the date of the first conveyance to a purchaser, and
thereafter the current budget of the association, a statement of who prepared the
budget, and a statement of the budget’s assumptions concerning occupancy and inflation
factors. The budget must include:
(1) a statement of the amount, or a statement that there is no amount, included in the
budget as a reserve for repairs and replacement;
(2) a statement of any other reserves;
(3) the projected common expense assessment by category of expenditures for the association;
and
(4) the projected monthly common expense assessment for each type of unit. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 44, eff. Jan. 1, 2012.)