§ 34-36.1-4.02. Liability for public offering statement requirements.
(a) Except as provided in subsection (b), a declarant, prior to the offering of any interest in a unit to the public, shall prepare a public offering statement conforming to the requirements of §§ 34-36.1-4.03 — 34-36.1-4.06.
(b) A declarant may transfer responsibility for preparation of all or a part of the public offering statement to a successor declarant or to a person in the business of selling real estate who intends to offer units in the condominium for his or her own account. In the event of any such transfer, the transferor shall provide the transferee with any information necessary to enable the transferee to fulfill the requirements of subsection (a).
(c) Any declarant or other person in the business of selling real estate who offers a unit for his or her own account to a purchaser shall deliver a public offering statement in the manner prescribed in § 34-36.1-4.08(a). As between the declarant or other person specified in subsection (b), the person who prepared all or a part of the public offering statement is liable under §§ 34-36.1-4.08 — 34-36.1-4.17 for any false or misleading statement set forth therein or for any omission of material fact therefrom with respect to that portion of the public offering statement which declarant prepared. If a declarant did not prepare any part of a public offering statement that he or she delivers, he or she is not liable for any false or misleading statement set forth therein or for any omission of material fact therefrom unless declarant had actual knowledge of the statement or omission or, in the exercise of reasonable care, should have known of the statement or omission.
(d) If a unit is part of a condominium and is part of any other real estate regime in connection with the sale of which the delivery of a public offering statement is required under the laws of this state, a single public offering statement conforming to the requirements of §§ 34-36.1-4.03 — 34-36.1-4.06 as those requirements relate to all real estate regimes in which the unit is located, and to any other requirements imposed under the laws of this state, may be prepared and delivered in lieu of providing two (2) or more public offering statements.
History of Section.P.L. 1982, ch. 329, § 2.
Structure Rhode Island General Laws
Chapter 34-36.1 - Condominium Law
Article IV - Protection of Condominium Purchasers
Section 34-36.1-4.01. - Applicability — Waiver.
Section 34-36.1-4.02. - Liability for public offering statement requirements.
Section 34-36.1-4.03. - Public offering statement — General provisions.
Section 34-36.1-4.04. - Public offering statement — Condominiums subject to development rights.
Section 34-36.1-4.05. - Public offering statement — Time shares.
Section 34-36.1-4.06. - Public offering statement — Condominiums containing conversion buildings.
Section 34-36.1-4.07. - Public offering statement — Condominium securities.
Section 34-36.1-4.08. - Purchaser’s rights to cancel.
Section 34-36.1-4.09. - Resale of units.
Section 34-36.1-4.10. - Escrow of deposits.
Section 34-36.1-4.11. - Release of liens.
Section 34-36.1-4.12. - Conversion buildings.
Section 34-36.1-4.13. - Express warranties of quality.
Section 34-36.1-4.14. - Implied warranties of quality.
Section 34-36.1-4.15. - Exclusion or modification of implied warranties of quality.
Section 34-36.1-4.16. - Statute of limitations for warranties.
Section 34-36.1-4.17. - Effect of violations on rights of action — Attorney’s fees.
Section 34-36.1-4.18. - Labeling of promotional material.
Section 34-36.1-4.19. - Declarant’s obligation to complete and restore.