The owner,
other than a sub-divider, of a separate interest in a
common interest development (community apartment project,
condominium project, planned development, or stock cooperative)
must provide a prospective buyer with the following:
• a copy of the governing documents of the
development;
• if there is an age restriction
not consistent with Civil Code Section 51.3, a statement
that the age restriction is only enforceable to the extent
permitted by law and specifying the applicable provisions
of law;
• a copy of the most recent financial
statement of the homeowners’ association;
•
a written statement from the association specifying the
amount of the current regular and special assessments
as well as any unpaid assessment, late charges, interest,
and costs of collection which are or may become a lien
against the property;
• a preliminary list of
construction defects if the association has commenced
or plans to commence an action for damages against the
developer;
• after resolution, by settlement
agreement or otherwise, of a dispute between the association
and the developer regarding construction defects, a general
description of the defects that will be corrected; the
association’s estimate of when the corrections will
be completed; the status of any claims for other defects;
and,
• information regarding any approved change
in the assessments or fees which is not yet due and payable
as of the disclosure date. Civil
Code Sections 1368, 1375 and 1375.1
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