Use of Property Disclosure Statement in Condo Sale
QUESTION: I have a listing on a condo in a 100-unit condo complex. Does the owner have to complete a Residential Property and Owners Association Disclosure Statement?
ANSWER: Your owner is required to complete a Disclosure Statement. The important fact is how many units are being sold, not how many units are in the condominium complex. The Residential Property Disclosure Act specifically applies to sales of residential real property “consisting of not less than one nor more than four dwelling units.” Since your seller is selling a single dwelling unit, the Act applies. On the other hand, if your owner owned 5 condos in the complex and sold them all together, the Act would not apply.
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