Current through 2024 First Special Session
Section 36B-4-101 - Applicability; waiver(a) This article applies to all units subject to this chapter except as provided in subsection (b) or as modified or waived by agreement of purchasers of units in a common interest community in which all units are restricted to nonresidential use.(b) Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of:(1) A gratuitous disposition of a unit;(2) A disposition pursuant to court order;(3) A disposition by a government or governmental agency;(4) A disposition by foreclosure or deed in lieu of foreclosure;(5) A disposition to a dealer;(6) A disposition that may be canceled at any time and for any reason by the purchaser without penalty; or(7) A disposition of a unit in a planned community in which the declaration limits the maximum annual assessment of any unit to not more than five hundred dollars, as adjusted pursuant to section 1-114 (Adjustment of dollar amounts) if:(i) The declarant has a reasonable and good faith belief that the maximum stated assessment will be sufficient to pay the expenses of the planned community;(ii) The declaration cannot be amended to increase the assessment during the period of declarant or declarant's family control without the consent of a majority of unit owners other than the declarant; and(iii) The planned community is not subject to any development rights.