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(a) Except in the case of a sale where delivery of an offering statement is required, or unless exempt under Section 35-8A-401(b), a unit owner upon written request by a purchaser of a unit previously disposed of, which written request must be made within 14 days of the date the purchaser signs the contract with a purchaser, shall furnish to a purchaser before the conveyance and in any event within 15 days of receipt of the written request, a copy of the declaration, the bylaws, the rules, and the regulations of the association, and a certificate containing:
(1) A statement setting forth the amount of the periodic common expense assessment;
(2) A statement setting forth the amount of any unpaid common expense or special assessments against the unit either past due or then due owing;
(3) A statement of any other assessments or fees assessed against the unit or the unit owner either past due or then due and owing;
(4) The most recent regularly prepared balance sheet, and income and expense statement, or any other reports regularly prepared showing cash flow of the association;
(5) The current operating budget of the association;
(6) A statement of any unsatisfied judgments against the association and any pending suit in which the association is a party;
(7) A statement describing any insurance coverage provided for the benefit of unit owners;
(8) A statement of the remaining term of any leasehold estate affecting the condominium and the provisions governing any extension or renewal thereof; and
(9) A statement of any restrictions in the declaration affecting the amount that may be received by a unit owner upon sale, condemnation, casualty loss to the unit or condominium or on termination of the condominium.
(b) The association, within 10 days after a request by a unit owner, shall furnish a certificate containing the above listed information necessary to enable the unit owner to comply with this section. A unit owner providing a certificate pursuant to subsection (a) is not liable to the purchaser for any erroneous information provided by the association and included in the certificate.
(c) A purchaser who receives a copy of the certificate prepared by the association is not liable after closing for any unpaid assessments or fees greater than the amount set forth in the certificate prepared by the association. The unit owner is not liable to a purchaser for the failure or delay of the association to provide the certificate in accordance with the time set forth in subsection (b). If the purchaser timely requested the information in accordance with subsection (a), the purchase contract remains voidable by the purchaser until the requested information has been provided and for five days thereafter or until conveyance, whichever first occurs.
Cite this article: FindLaw.com - Alabama Code Title 35. Property § 35-8A-409 - last updated January 01, 2019 | https://codes.findlaw.com/al/title-35-property/al-code-sect-35-8a-409.html
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