(a) In the event of a resale of a unit by a unit owner other than a declarant, the unit owner shall furnish to a purchaser before execution of any purchase agreement for a unit, or otherwise before conveyance, a copy of the declaration, other than the condominium plat, the bylaws, the rules and regulations of the association, and any amendments thereto, and a certificate dated not more than 90 days prior to the date of the purchase agreement or otherwise before conveyance, containing:
(1) a statement disclosing any right of first refusal or other restraint on the free alienability of the unit contained in the declaration, bylaws, rules and regulations, or any amendment thereof;
(2) a statement setting forth the amount of periodic installments of common expense assessments and special assessments and any unpaid common expense or special assessment currently payable;
(3) a statement of any other fees payable by unit owners;
(4) a statement of any capital expenditures approved by the association for the current and next succeeding two fiscal years;
(5) a statement that a copy of the condominium plat and any amendments thereof are available in the office of the association for inspection;
(6) a statement of the amount of any reserves for capital expenditures and of any portions of those reserves designated by the association for any specified projects;
(7) the most recent regularly prepared balance sheet and income and expense statement, if any, of the association;
(8) the current budget of the association;
(9) a statement of any judgments against the association and the status of any pending suits to which the association is a party;
(10) a statement describing any insurance coverage provided for the benefit of unit owners.
(b) The association shall, within seven days after a request by a unit owner or the unit owner's authorized agent, furnish a certificate containing the information necessary to enable the unit owner to comply with this section. A unit owner without actual knowledge providing a certificate pursuant to subsection (a) shall have no liability to the purchaser for any erroneous information provided by the association and included in the certificate.
(c) A purchaser is not liable for any unpaid assessment or fee existing as of the date of the certificate greater than the amount set forth in the certificate prepared by the association. A unit owner is not responsible to a purchaser for the failure or delay of the association to provide the certificate in a timely manner.
1980 c 582 art 4 s 515.4-107; 1986 c 342 s 12; 1986 c 444
Structure Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Chapter 515A — Uniform Condominium Act
Section 515A.1-101 — Short Title.
Section 515A.1-102 — Applicability.
Section 515A.1-103 — Definitions.
Section 515A.1-104 — Variation By Agreement.
Section 515A.1-105 — Property Taxation.
Section 515A.1-106 — Applicability Of Local Ordinances, Regulations, And Building Codes.
Section 515A.1-107 — Eminent Domain.
Section 515A.1-108 — Supplemental General Principles Of Law Applicable.
Section 515A.1-109 — Construction Against Implicit Repeal.
Section 515A.1-110 — Uniformity Of Application And Construction.
Section 515A.1-111 — Severability.
Section 515A.1-112 — Unconscionable Agreement Or Term Of Contract.
Section 515A.1-113 — Obligation Of Good Faith.
Section 515A.1-114 — Remedies To Be Liberally Administered.
Section 515A.1-116 — Effective Date.
Section 515A.2-101 — Creation Of Condominium.
Section 515A.2-102 — Unit Boundaries.
Section 515A.2-103 — Construction And Validity Of Declaration And Bylaws.
Section 515A.2-104 — Description Of Units.
Section 515A.2-105 — Contents Of Declaration; All Condominiums.
Section 515A.2-106 — Contents Of Declaration; Flexible Condominiums.
Section 515A.2-107 — Leasehold Condominiums.
Section 515A.2-108 — Allocation Of Common Element Interests, Votes, And Common Expense Liabilities.
Section 515A.2-109 — Common Elements And Limited Common Elements.
Section 515A.2-110 — Condominium Plats.
Section 515A.2-111 — Expansion Of Flexible Condominiums.
Section 515A.2-113 — Alterations Of Units.
Section 515A.2-114 — Relocation Of Boundaries Between Adjoining Units.
Section 515A.2-115 — Subdivision Or Conversion Of Units.
Section 515A.2-116 — Minor Variation In Boundaries.
Section 515A.2-117 — Use For Sales Purposes.
Section 515A.2-118 — Easement To Facilitate Completion, Conversion, And Expansion.
Section 515A.2-119 — Amendment Of Declaration.
Section 515A.2-120 — Termination Of Condominium.
Section 515A.2-121 — Rights Of Holders Of An Interest As Security For An Obligation.
Section 515A.3-101 — Organization Of Unit Owners' Association.
Section 515A.3-102 — Powers Of Unit Owners' Association.
Section 515A.3-103 — Board Of Directors, Members And Officers.
Section 515A.3-104 — Transfer Of Special Declarant Rights.
Section 515A.3-105 — Termination Of Contracts And Leases Of Declarant.
Section 515A.3-107 — Upkeep Of The Condominium.
Section 515A.3-111 — Tort And Contract Liability.
Section 515A.3-112 — Insurance.
Section 515A.3-113 — Surplus Funds.
Section 515A.3-114 — Assessments For Common Expenses.
Section 515A.3-115 — Lien For Assessments.
Section 515A.3-116 — Association Records.
Section 515A.3-117 — Association As Trustee.
Section 515A.4-101 — Applicability; Waiver.
Section 515A.4-102 — Disclosure Statement; General Provisions.
Section 515A.4-104 — Same; Conversion Condominiums.
Section 515A.4-106 — Purchaser's Right To Cancel.
Section 515A.4-107 — Resales Of Units.
Section 515A.4-1075 — Purchaser's Right To Cancel.
Section 515A.4-108 — Escrow Of Deposits.
Section 515A.4-109 — Release Of Interests As Security For An Obligation.
Section 515A.4-110 — Conversion Condominiums.
Section 515A.4-111 — Express Warranties.
Section 515A.4-112 — Implied Warranties.
Section 515A.4-113 — Exclusion Or Modification Of Implied Warranties.
Section 515A.4-114 — Statute Of Limitations For Warranties.
Section 515A.4-115 — Effect Of Violations On Rights Of Action; Attorney's Fees.
Section 515A.4-116 — Labeling Of Promotional Material.
Section 515A.4-117 — Declarant's Obligation To Complete And Restore.