2015 Rhode Island General Laws
Title 34 - Property
Chapter 34-36.1 - Condominium Law
Section 34-36.1-4.02 - Liability for public offering statement requirements.

§ 34-36.1-4.02 Liability for public offering statement requirements. – (a) Except as provided in subsection (b), a declarant, prior to the offering of any interest in a unit to the public, shall prepare a public offering statement conforming to the requirements of §§ 34-36.1-4.03 – 34-36.1-4.06.

(b) A declarant may transfer responsibility for preparation of all or a part of the public offering statement to a successor declarant or to a person in the business of selling real estate who intends to offer units in the condominium for his or her own account. In the event of any such transfer, the transferor shall provide the transferee with any information necessary to enable the transferee to fulfill the requirements of subsection (a).

(c) Any declarant or other person in the business of selling real estate who offers a unit for his or her own account to a purchaser shall deliver a public offering statement in the manner prescribed in § 34-36.1-4.08(a). As between the declarant or other person specified in subsection (b), the person who prepared all or a part of the public offering statement is liable under §§ 34-36.1-4.08 – 34-36.1-4.17 for any false or misleading statement set forth therein or for any omission of material fact therefrom with respect to that portion of the public offering statement which declarant prepared. If a declarant did not prepare any part of a public offering statement that he or she delivers, he or she is not liable for any false or misleading statement set forth therein or for any omission of material fact therefrom unless declarant had actual knowledge of the statement or omission or, in the exercise of reasonable care, should have known of the statement or omission.

(d) If a unit is part of a condominium 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 state, a single public offering statement conforming to the requirements of §§ 34-36.1-4.03 – 34-36.1-4.06 as those requirements relate to all real estate regimes in which the unit is located, and to any other requirements imposed under the laws of this state, may be prepared and delivered in lieu of providing two (2) or more public offering statements.

History of Section.
(P.L. 1982, ch. 329, § 2.)