2010 Pennsylvania Code
Title 68 - REAL AND PERSONAL PROPERTY
Chapter 54 - Protection of Purchasers
5407 - Resales of units.

     § 5407.  Resales of units.
        (a)  Information supplied by unit owner.--In the event of a
     resale of a unit by a unit owner other than a declarant, the
     unit owner shall furnish to a purchaser before execution of any
     contract for sale of a unit or otherwise before conveyance a
     copy of the declaration other than the plats and plans, the
     bylaws, the rules or regulations of the association and a
     certificate containing:
            (1)  A statement disclosing the effect on the proposed
        disposition of any right of first refusal or other restraint
        on the free alienability of the unit.
            (2)  A statement setting forth the amount of the monthly
        common expense assessment and any unpaid common expense or
        special assessment currently due and payable from the selling
        unit owner and any surplus fund credits to be applied with
        regard to the unit pursuant to section 5313 (relating to
        surplus funds).
            (3)  A statement of any other fees payable by unit
        owners.
            (4)  A statement of any capital expenditures proposed by
        the association for the current and two next succeeding
        fiscal years.
            (5)  A statement of the amount of any reserves for
        capital expenditures and of any portions of those reserves
        designated by the association for any specified project.
            (6)  The most recent regularly prepared balance sheet and
        income and expense statement, if any, of the association.
            (7)  The current operating budget of the association.
            (8)  A statement of any judgments against the association
        and the status of any pending suits to which the association
        is a party.
            (9)  A statement describing any insurance coverage
        provided for the benefit of unit owners.
            (10)  A statement as to whether the executive board has
        knowledge that any alterations or improvements to the unit or
        to the limited common elements assigned thereto violate any
        provision of the declaration.
            (11)  A statement as to whether the executive board has
        knowledge of any violations of applicable governmental
        requirements or knowledge of the existence of any hazardous
        conditions pursuant to section 5402(a)(27) (relating to
        public offering statement; general provisions) with respect
        to the unit, the limited common elements assigned to the unit
        or any other portion of the planned community.
            (12)  A statement of the remaining term of any leasehold
        estate affecting the planned community and the provisions
        governing any extension or renewal thereof.
            (13)  A statement as to whether the declaration provides
        for cumulative voting or class voting.
            (14)  A statement as to whether an agreement to terminate
        the planned community has been submitted to the unit owners
        for approval and remains outstanding.
            (15)  A statement of whether the planned community is a
        master association or is part of a master association or
        could become a master association or part of a master
        association.
            (16)  A statement describing which units, if any, may be
        owned in time-share estates and the maximum number of time-
        share estates that may be created in the planned community.
            (17)  A statement of whether the declarant retains the
        special declarant right to cause a merger or consolidation of
        the planned community and, if so, the information describing
        such right which was supplied by the declaration pursuant to
        section 5205(13) (relating to contents of declaration; all
        planned communities), if any.
        (b)  Information supplied by association.--The association,
     within ten days after a request by a unit owner, shall furnish a
     certificate containing the information and copies of documents
     necessary to enable the unit owner to comply with this section.
     A unit owner providing a certificate pursuant to subsection (a)
     is not liable to the purchaser for any erroneous information
     provided by the association and included in the certificate.
        (c)  Liability for error or inaction by association.--A
     purchaser is not liable for any unpaid assessment or fee greater
     than the amount set forth in the certificate prepared by the
     association. A unit owner is not liable to a purchaser for the
     failure or delay of the association to provide the certificate
     in a timely manner.
        (d)  Purchase contract voidable.--The purchase contract is
     voidable by the purchaser until the certificate has been
     provided and for five days thereafter or until conveyance,
     whichever first occurs.
     (Nov. 30, 2004, P.L.1486, No.189, eff. 60 days)

        2004 Amendment.  Act 189 amended subsec. (c) and added
     subsec. (d).
        Cross References.  Section 5407 is referred to in sections
     5102, 5302, 5316, 5401 of this title.