2011 Vermont Code
Title 27A Uniform Common Interest Ownership Act (1994)
Chapter 4 Protection of Purchasers
§ 102 Liability for public offering statement requirements

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TITLE 27A

Uniform Common Interest Ownership Act (1994)

ARTICLE IV. Protection of Purchasers

§ 4-102. Liability for public offering statement requirements

Subsection (a) effective until January 1, 2012; see also subsection (a) effective January 1, 2012 set out below.

(a) Except as provided in subsection (b) of this section, a declarant shall prepare a public offering statement conforming to the requirements of sections 4-103, 4-104, 4-105 and 4-106 of this title before offering any interest in a unit to the public.

Subsection (a) effective January 1, 2012; see also subsection (a) effective until January 1, 2012 set out above.

(a) Except as otherwise provided in subsection (b) of this section, a declarant shall prepare a public offering statement conforming to the requirements of sections 4-103, 4-104, 4-105, and 4-106 of this title before offering any interest in a unit to the public.

(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 dealer who intends to offer units in the common interest community. 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) of this section.

Subsection (c) effective until January 1, 2012; see also subsection (c) effective January 1, 2012 set out below.

(c) Any declarant or dealer who offers a unit to a purchaser shall deliver a public offering statement in the manner prescribed in subsection 4-108(a) of this title. The person who prepared all or a part of the public offering statement is liable under section 4-117 of this title for any false or misleading statement stated in it or for any omission of material fact from it with respect to that portion of the public offering statement which the person prepared. If a declarant did not prepare or cause to be prepared any part of a public offering statement that the declarant delivers, the declarant is not liable for any false or misleading statement stated in it or for any omission of material fact from it unless the declarant had actual knowledge of the statement or omission or, in the exercise of reasonable care, should have known of the statement or omission.

Subsection (c) effective January 1, 2012; see also subsection (c) effective until January 1, 2012 set out above.

(c) Any declarant or dealer who offers a unit to a purchaser shall deliver a public offering statement in the manner prescribed in subsection 4-103(a) of this title. The declarant who prepared all or a part of the public offering statement is liable under section 4-117 of this title for any false or misleading statement stated in it or for any omission of material fact therefrom.

(d) If a unit is part of a common interest 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 state, a single public offering statement conforming to the requirements of sections 4-103, 4-104, 4-105, and 4-106 of this title, as they relate to each regime in which the unit is located, and to any other requirements imposed by law may be prepared and delivered in lieu of providing two or more public offering statements. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 43, eff. Jan. 1, 2012.)