{"parents":[{"StatuteId":2064918,"Type":"Title","Statute":"43"},{"StatuteId":2065026,"Type":"Chapter","Statute":"4"},{"StatuteId":2079916,"Type":"Section","Statute":"44.1"}],"Previous":"43-4-44","Next":"43-4-45","StatuteId":2079916,"Statute":"43-4-44.1","Type":"Section","CatchLine":"Additional disclosure--Residential real property under a homeowners' association.","FilePath":null,"FileName":null,"Htmlpath":null,"Htmlfilename":null,"Title":43,"TitleLetter":null,"Chapter":4,"ChapterLetter":null,"Section":44,"SubSec":1,"SubSection":null,"Word":null,"Html":"

43-4-44.1. Additional disclosure--Residential real property under a homeowners' association.

In attempting to sell a residential real property governed by a homeowners' association, the seller must furnish to a buyer before the buyer makes a written offer:

(1)    A disclosure that the property is governed by a homeowners' association;

(2)    A copy of the governing documents of the homeowners' association;

(3)    A statement indicating whether there is an assessment and the amount, frequency, and purpose of any assessment; and

(4)    A list of any special onetime assessments from the most recent three years.

If, after delivering the homeowners' association information to the buyer or the buyer's agent and prior to the date of closing for the property or the date of possession of the property, whichever comes first, the seller becomes aware of any change of material fact that would affect the information, the seller must furnish a written amendment disclosing the change of material fact.

This section applies to all transfers of residential real property occurring after July 1, 2024.

For the purposes of this section, the term \"governing documents\" means a written instrument by which the homeowners' association may exercise powers to manage, maintain, or otherwise affect the property under the jurisdiction of the homeowners' association.

For the purposes of this section, the term \"homeowners' association\" means any incorporated or unincorporated association in which membership is based upon owning or possessing an interest in real property and that has the authority, pursuant to recorded covenants, bylaws, or other governing documents, to assess and record liens against the real property of its members.

Source: SL 2024, ch 177, § 2.

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