Utah § 57-29-203 Required disclosures.

Utah Statutes

§ 57-29-203 — Required disclosures.

Utah § 57-29-203

Title 57Real Estate

Ch. 57-29Undivided Fractionalized Long-term Estate Sales Practices Act

Part 57-29-2License and Disclosure Requirements

This text of Utah § 57-29-203 (Required disclosures.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 57-29-203 (2026).

Text

(1)A sponsor or licensee who sells or offers to sell an undivided fractionalized long-term estate shall provide each prospective purchaser a written disclosure, related to the real property in which the undivided fractionalized long-term estate is offered, that:

(1)(a) if applicable:

(1)(a)(i) includes a copy of any master lease agreement; and

(1)(a)(ii) states whether the sponsor is the master lease tenant or an affiliate of the master lease tenant;

(1)(b) includes any material information that relates to a current lease or sublease that affects the real property in which the undivided fractionalized long-term estate is offered;

(1)(c) includes a copy of:

(1)(c)(i) a tenants in common agreement; or

(1)(c)(ii) an agreement that forms the substance of the undivided fractionalized long-ter

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(1) A sponsor or licensee who sells or offers to sell an undivided fractionalized long-term estate shall provide each prospective purchaser a written disclosure, related to the real property in which the undivided fractionalized long-term estate is offered, that:

(1)(a) if applicable:
(1)(a)(i) includes a copy of any master lease agreement; and
(1)(a)(ii) states whether the sponsor is the master lease tenant or an affiliate of the master lease tenant;
(1)(b) includes any material information that relates to a current lease or sublease that affects the real property in which the undivided fractionalized long-term estate is offered;
(1)(c) includes a copy of:
(1)(c)(i) a tenants in common agreement; or
(1)(c)(ii) an agreement that forms the substance of the undivided fractionalized long-term estate and includes a definition of the undivided fractionalized interest;
(1)(d) describes any improvements to the real property in which the undivided fractionalized long-term estate is offered;
(1)(e) includes a copy of any management agreement;
(1)(f) describes the relationship, if any, between each property manager and the sponsor; and
(1)(g) includes any additional information that an ordinarily prudent purchaser would consider material to deciding whether to purchase the undivided fractionalized long-term estate, as determined by the commission, with concurrence by the division, by rule in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
(2) A sponsor or licensee who sells or offers to sell an undivided fractionalized long-term estate shall provide the written disclosure described in Subsection (1) to the prospective purchaser before the prospective purchaser purchases the undivided fractionalized long-term estate.