(a) Except as provided by Subsection (b), a declarant shall prepare a condominium
information statement before offering to the public any interest in a unit.
(b) A declarant may transfer responsibility for preparation of all or a part of the
condominium information statement to a successor declarant or to a person in the business
of selling real property who intends to offer units in the condominium for the person's
own account. On such transfer, the transferor shall provide the transferee with any information
necessary to enable the transferee to prepare a condominium information statement.
(c) A declarant or other person in the business of selling real property who offers
a unit for the person's own account to a purchaser shall provide a purchaser of a
unit with a copy of the condominium information statement, as amended, before conveyance
of the unit or the date of a contract of sale, whichever is earlier.
(d) The person preparing all or part of the condominium information statement is liable
for any false or misleading statement or for any omission of material fact in the
portion of the condominium information statement that the person prepared. If a declarant did not prepare any part of a condominium information statement that
the declarant delivers, the declarant is not liable for any false or misleading statement
or any omission of material fact unless the declarant actually knew or should have
known of the statement or omission.
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