2010 Pennsylvania Code
Title 68 - REAL AND PERSONAL PROPERTY
Chapter 54 - Protection of Purchasers
5401 - Applicability; waiver.

                                CHAPTER 54
                         PROTECTION OF PURCHASERS

     Sec.
     5401.  Applicability; waiver.
     5402.  Public offering statement; general provisions.
     5403.  Public offering statement; time-share estates.
     5404.  Public offering statement; planned communities
            containing conversion buildings.
     5405.  Public offering statement; planned community securities.
     5406.  Purchaser's right to cancel.
     5407.  Resales of units.
     5408.  Escrow of deposits.
     5409.  Release of liens.
     5410.  Planned communities containing conversion buildings.
     5411.  Warranty against structural defects.
     5412.  Effect of violations on rights of action.
     5413.  Labeling of promotional material.
     5414.  Declarant's obligation to complete and restore.

        Enactment.  Chapter 54 was added December 19, 1996, P.L.1336,
     No.180, effective in 45 days.
     § 5401.  Applicability; waiver.
        (a)  General rule.--This chapter applies to all units subject
     to this subpart, except as provided in subsection (b) and
     section 5411 (relating to warranty against structural defects)
     or as modified or waived by agreement of the purchaser of any
     unit which is intended for nonresidential use at the time of
     sale of such unit by the declarant or by agreement of purchasers
     of units in a planned community who are or intend to be in the
     business of buying and selling planned community units, provided
     that:
            (1)  a purchaser of a unit intended for residential use
        at the time of sale by the declarant may not modify or waive
        the provisions of section 5411 with regard to such unit and
        the common elements;
            (2)  with regard to any limited common element
        appurtenant only to nonresidential units, the unit owners of
        all such units have agreed to such modification or waiver
        and, with regard to any common elements other than limited
        common elements in a planned community in which all units are
        restricted to nonresidential use, all unit owners have agreed
        to such modification or waiver; and
            (3)  no modification or waiver shall prevent any unit
        owner from indirectly benefiting from any provision in this
        chapter by reason of such unit owner being a unit owner in
        the planned community and a member of the association.
        (b)  Public offering statements.--A public offering statement
     need not be prepared or delivered in the case of:
            (1)  a gratuitous transfer of a unit;
            (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 of a unit situated wholly outside this
        Commonwealth pursuant to a contract executed wholly outside
        this Commonwealth; or
            (6)  a transfer to which section 5407 (relating to
        resales of units) applies.
        (c)  Resale certificates.--A resale certificate as described
     in section 5407 need not be prepared or delivered in the cases
     described in subsection (b)(1) through (5).
        (d)  Unified public offering statement.--If a unit is part of
     two or more planned communities or is part of a planned
     community and is part of any other real estate regime in
     connection with the sale of which the delivery of a public
     offering statement is required under the laws of this
     Commonwealth, a single public offering statement conforming to
     the requirements of sections 5402 (relating to public offering
     statement; general provisions), 5403 (relating to public
     offering statement; time-share estates) and 5404 (relating to
     public offering statement; planned communities containing
     conversion buildings), as those requirements relate to any real
     estate regimes in which the unit is located and to any other
     requirements imposed under the laws of this Commonwealth, may be
     prepared and delivered in lieu of providing two or more public
     offering statements.

        Cross References.  Section 5401 is referred to in sections
     5102, 5406 of this title.