Common use of CONDOMINIUM DISCLOSURE Clause in Contracts

CONDOMINIUM DISCLOSURE. Seller represents that the Property ( ) is OR ( ) is not a condominium resale which is subject to the State Condominium Act (the Condominium Act). If the property is subject to the Condominium Act, the Condominium Act requires the Seller to obtain from the unit owners association a resale certificate and provide it to the purchaser. The information contained in the resale certificate shall be current as of a date specified on the resale certificate. The Purchaser my submit a copy of the contract to the unit owners association with a request for assurance that the information required by the Condominium Act previously furnished remains materially unchanged, or, if there have been material changes, a statement specifying such changes. The Purchaser shall be provided with such assurance or such a statement specifying such changes. The Purchaser shall be provided with such assurance or such statement within ten days of the receipt of such request by the association. The Purchaser may be required to pay the same fee charged a unit owner for the resale certificate, if any. In the absence of a written agreement to the contrary, the failure of the unit owners’ association to provide the statement required by the Condominium Act or the disclosure by such statement that there have been one or more material changes shall render the purchase contract void at the option of the purchaser. The Purchaser may cancel the Contract (i) within 3 days after the Date of the fully executed Contract, if on or before the Date of the fully executed Contract, if the Purchaser received the resale certificate on or before the date that the Purchaser signs the contract (ii) within three days after receiving the resale Certificate if the resale certificate is hand delivered; or within six days after the postmark date is the resale certificate is sent to the Purchaser by united States mail. Written notice of cancellation shall be made to the unit owner selling the unit by one of the following methods: (i) hand delivery; (ii) United States mail, postage prepaid provided the sender retains sufficient proof of mailing: (iii) (electronic means where the sender retains sufficient proof of the electronic delivery; or (iv) overnight delivery using a commercial service of the United States Postal Service. The sender shall have the burden to demonstrate delivery of the cancellation notice. Such cancellation shall be without penalty, and the unit owners shall cause any deposit to be returned promptly to the Purchaser in accordance with the Condominium Act. The right to receive the resale certificate and the right to cancel this Contract are waived conclusively if not exercised before settlement.