§ 4409. Resales of cooperative interests
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 68 Pa.C.S.A. Real and Personal PropertyEffective: January 31, 2005
Effective: January 31, 2005
68 Pa.C.S.A. § 4409
§ 4409. Resales of cooperative interests
(a) Information supplied by proprietary lessee.--Except in the case of a sale where delivery of a public offering statement is required or unless the transaction is exempt under section 4401(b) (relating to applicability; waiver), a proprietary lessee shall furnish to a purchaser before execution of any contract of sale of a cooperative interest or, if there is no contract of sale, before the time of conveyance a copy of the declaration (other than the plats and plans), the bylaws and the rules or regulations of the association, including all amendments to such documents to the date of their delivery to the purchaser, and a certificate containing:
(2) A statement setting forth the amount of the monthly common expense assessment and any unpaid common expense or special assessment currently due and payable from the selling proprietary lessee and any surplus fund credits to be applied with regard to the cooperative interest pursuant to section 4314(h) (relating to assessments for common expenses).
(18) A statement as to whether the executive board has knowledge of any violations of applicable governmental requirements or knowledge of the existence of any hazardous conditions (section 4403(a)(27)) with respect to the unit, the limited common elements assigned thereto or any other portion of the cooperative.
(b) Information supplied by association.--The association, within ten days after a request by a proprietary lessee, shall furnish the documents and a certificate containing the information necessary to enable the proprietary lessee to comply with this section. A proprietary lessee providing a certificate pursuant to subsection (a) is not liable to the purchaser for any erroneous information provided by the association and included in or delivered with the certificate.
(c) Liability for error or inaction by association.--A purchaser is not liable for any unpaid assessment or fee greater than the amount set forth in the certificate prepared by the association. A proprietary lessee is not liable to a purchaser for the failure or delay of the association to provide the certificate in a timely manner.
Credits
1992, Dec. 18, P.L. 1426, No. 176, § 1, effective in 60 days. Amended 2004, Nov. 30, P.L. 1499, No. 190, § 5, effective Jan. 31, 2005.
68 Pa.C.S.A. § 4409, PA ST 68 Pa.C.S.A. § 4409
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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