2005 Connecticut Code - Sec. 47-262. Applicability of part. Exceptions to requirement of public offering statement or resale certificate.

      Sec. 47-262. Applicability of part. Exceptions to requirement of public offering statement or resale certificate. (a) Sections 47-262 to 47-281, inclusive, apply to all units subject to this chapter, except as provided in subsection (b) of this section or as modified or waived by agreement of purchasers of units in a common interest community in which all units are restricted to nonresidential use.

      (b) Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of: (1) A disposition of a unit without consideration; (2) a disposition pursuant to court order; (3) a disposition by a government or governmental agency; (4) a disposition by foreclosure or deed in lieu of foreclosure; (5) a disposition to a purchaser of a unit restricted to nonresidential use, whether or not the common interest community is subject to this chapter; (6) a disposition that may be cancelled at any time and for any reason by the purchaser without penalty; (7) a disposition of a unit in a common interest community that, as provided in subsection (c) of section 47-215, (A) contains no more than twelve units, (B) is not subject to any development rights and (C) does not utilize a master association; or (8) a disposition of a unit in a planned community in which the declaration limits the annual average common expense liability of all units as provided in subdivision (3) of subsection (a) of section 47-215.

      (P.A. 83-474, S. 63, 96; P.A. 84-472, S. 17, 23; P.A. 86-218, S. 2; P.A. 95-187, S. 23.)

      History: P.A. 84-472 amended Subsec. (b) by replacing "maximum annual assessment of any unit" with "annual average common expense liability of all units"; P.A. 86-218 amended Subsec. (b) by adding a new Subdiv. (7) re an exception for the disposition of units in certain small common interest communities; P.A. 95-187 amended Subdiv. (8) of Subsec. (b) to replace provision that for the exemption for a disposition of a unit in a planned community to apply the declaration must limit the annual average common expense liability of all units "to not more than three hundred dollars, as adjusted pursuant to section 47-213" and certain conditions concerning the declarant, the declaration and the planned community must be satisfied with the provision that the declaration must limit the annual average common expense liability of all units "as provided in subdivision (3) of subsection (a) of section 47-215."