2004 Minnesota Statutes

     515B.4-101 Applicability; delivery of disclosure 
  statement. 

    (a) Sections 515B.4-101 through 515B.4-118 apply to all 
 units subject to this chapter, except as provided in subsection 
 (c) or as modified or waived by agreement of purchasers of a 
 unit which is restricted to nonresidential use. 

    (b) Subject to subsections (a) and (c), a declarant who 
 offers a unit to a purchaser shall deliver to the purchaser a 
 current disclosure statement which complies with the 
 requirements of section 515B.4-102.  The disclosure statement 
 shall include any material amendments to the disclosure 
 statement made prior to the conveyance of the unit to the 
 purchaser.  The declarant shall be liable to the purchaser to 
 whom it delivered the disclosure statement for any false or 
 misleading statement set forth therein or for any omission of a 
 material fact therefrom. 

    (c) Neither a disclosure statement nor a resale disclosure 
 certificate need be prepared or delivered in the case of: 

    (1) a gratuitous transfer; 

    (2) a transfer pursuant to a court order; 

    (3) a transfer to a government or governmental agency; 

    (4) a transfer to a secured party by foreclosure or deed in 
 lieu of foreclosure; 

    (5) an option to purchase a unit, until exercised; 

    (6) a transfer to a person who "controls" or is "controlled 
 by," the grantor as those terms are defined with respect to a 
 declarant under section 515B.1-103(2); 

    (7) a transfer by inheritance; 

    (8) a transfer of special declarant rights under section 
 515B.3-104; or 

    (9) a transfer in connection with a change of form of 
 common interest community under section 515B.2-123. 

    (d) A purchase agreement for a unit shall contain the 
 following notice:  "The following notice is required by 
 Minnesota Statutes.  The purchaser is entitled to receive a 
 disclosure statement or resale disclosure certificate, as 
 applicable.  The disclosure statement or resale disclosure 
 certificate contains important information regarding the common 
 interest community and the purchaser's cancellation rights." 

    HIST: 1993 c 222 art 4 s 1; 1999 c 11 art 2 s 25