§ 35-8A-402 — Liability for Offering Statement Requirements

Alabama § 35-8A-402

• Jurisdiction: Alabama
• Title 35: Property
• Ch. 8A: Alabama Uniform Condominium Act
• Art. 4: Protection of Condominium Purchasers

Text

(a) Except as provided in subsection (b), a declarant, prior to the offering of any interest in a unit to the public, shall prepare an offering statement conforming to the requirements of Sections 35-8A-403 through 35-8A-406.
(b) A declarant may transfer responsibility for preparation of all or a part of the offering statement to a successor declarant specified in Section 35-8A-304 or to a person in the business of selling real estate who intends to offer units in the condominium for the offeror’s own account. In the event of any such transfer, the transferor shall provide the transferee with any information necessary to enable the transferee to fulfill the requirements of subsection (a).
(c) Any declarant or other person in the business of selling real estate who offers to a purchaser a unit for the offeror’s own account to whom such responsibility for preparation and delivery of an offering statement has been transferred shall deliver an offering statement in the manner prescribed in Section 35-8A-408(a) and is liable under Sections 35-8A-408 and 35-8A-414 for any false or misleading statement set forth therein or for any omission of material fact.
(d) If a unit is part of a condominium and is part of any other real estate regime in connection with the sale of which the delivery of an offering statement is required under the laws of this state, a single offering statement conforming to the requirements of Sections 35-8A-403 through 35-8A-406 as those requirements relate to each regime in which the unit is located and to any other requirements imposed under the laws of this state, may be prepared and delivered in lieu of providing two or more offering statements.

Legislative History

(Acts 1990, No. 90-551, p. 858, §4-102; Act 2018-403, §1.)