2012 Vermont Statutes
Title 27A Uniform Common Interest Ownership Act (1994)
Chapter 4 PROTECTION OF PURCHASERS
§ 104 Common interest communities subject to development rights

§ 4-104. Common interest communities subject to development rights

If the declaration provides that a common interest community is subject to any development rights, the public offering statement shall disclose, in addition to the information required by section 4-103 of this title:

(1) the maximum number of units, and the maximum number of units per acre, that may be created;

(2) how many or what percentage of the units that may be created will be restricted exclusively to residential use, or a statement that no representations are made regarding use restrictions;

(3) if any of the units that may be built within real estate subject to development rights are not to be restricted exclusively to residential use, a statement, with respect to each portion of that real estate, of the maximum percentage of the real estate areas and the maximum percentage of the floor areas of all units that may be created therein, that are not restricted exclusively to residential use;

(4) a brief narrative description of any development rights reserved by a declarant and of any conditions or limitations upon the exercise of development rights;

(5) the maximum extent to which each unit's allocated interest may be changed by the exercise of any development right described in subdivision (3) of this section;

(6) the extent to which any buildings or other improvements that may be erected pursuant to any development right in any part of the common interest community will be compatible with existing buildings and improvements in the common interest community in terms of architectural style, quality of construction and size, or a statement that no assurances are made regarding compatibility;

(7) description of all other improvements that may be made and limited common elements that may be created within any part of the common interest community pursuant to any development right reserved by the declarant, or a statement that no assurances are made in that regard;

(8) limitations on the location of any building or other improvement that may be made within any part of the common interest community pursuant to any development right reserved by the declarant, or a statement that no assurances are made in that regard;

(9) a statement that any limited common elements created pursuant to any development right reserved by the declarant will be of the same general types and sizes as the limited common elements within other parts of the common interest community, or a statement of the types and sizes planned, or a statement that no assurances are made in that regard;

(10) a statement that the proportion of limited common elements to units created pursuant to any development right reserved by the declarant will be approximately equal to the proportion existing within other parts of the common interest community, or a statement of any other assurances in that regard, or a statement that no assurances are made in that regard; and

(11) the extent to which any assurances made pursuant to this section apply or do not apply in the event that any development right is not exercised by the declarant. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)