Title 25, Property

§ 81-319. Association as trustee. With respect to a third person dealing with the association in the association’s capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inqu…

§ 81-320. Rules. (a) Before adopting or substantially amending any rule, the executive board must notify all unit owners of: (i) its intention to adopt the proposed rule and (ii) a date on which the executive board will convene a meeting to receive comments on them from the unit …

§ 81-321. Litigation involving declarant. (a) An association’s authority under § 81-302(a)(4) of this title to commence and pursue litigation involving the common interest community is subject to the following rules: (1) Before the association commences litigation, arbitration or…

§ 81-323. Removal of members of executive board. Notwithstanding any provision of the declaration or bylaws to the contrary, the unit owners, by a two-thirds vote of all persons present, in person, by proxy or by ballot, and entitled to vote at any meeting of the unit owners at w…

§ 81-324. Adoption of budget. (a) The executive board shall, at least annually, prepare a proposed budget for the common interest community. In a condominium or cooperative, the proposed budget shall include a line item for any required funding of a repair and replacement reserve…

§ 81-325. Service on associations and executive board. A person may bring suit against the association or the executive board as a whole in any cause by service in accordance with the otherwise applicable rules authorizing service on the form of legal entity of the association.76…

§ 81-326. Delaware corporations. Any association that is a Delaware corporation shall also be subject to the Title 8, which shall govern and control to the extent not inconsistent with this chapter.77 Del. Laws, c. 91, § 61;

§ 81-401. Applicability; waiver. (a) This subchapter applies to all units subject to this chapter, except as provided in subsection (b) of this section or as modified or waived by agreement of purchasers of units in a nonresidential common interest community or as to units that a…

§ 81-402. Liability for public offering statement requirements. (a) Except as provided in subsection (b) of this section, a declarant, before offering any interest in a unit to the public, shall prepare a public offering statement conforming to the requirements of §§ 81-403, 81-4…

§ 81-403. Public offering statement; general provisions. (a) Except as provided in subsection (b) of this section, a public offering statement must contain or fully and accurately disclose: (1) The name and principal address of the declarant and of the common interest community, …

§ 81-404. Common interest communities subject to development right. If the declaration provides that a common interest community is subject to any development rights, the public offering statement must disclose, in addition to the information required by § 81-403 of this title: (…

§ 81-405. Time shares. (a) If the declaration provides that ownership or occupancy of any units, is or may be in time shares, the public offering statement shall disclose, in addition to the information required by § 81-403 of this title: (1) The number and identity of units in w…

§ 81-406. Common interest communities containing conversion buildings. (a) The public offering statement of a common interest community containing any conversion building must contain, in addition to the information required by § 81-403 of this title: (1) A statement by the decla…

§ 81-407. Common interest community securities. If an interest in a common interest community is currently registered with the Securities and Exchange Commission of the United States, a declarant satisfies all requirements relating to the preparation of a public offering statemen…

§ 81-408. Purchaser’s right to cancel. (a) A person required to deliver a public offering statement pursuant to § 81-402(c) of this title shall provide a purchaser with a copy of the public offering statement and all amendments thereto before conveyance of the unit, and not later…

§ 81-409. Resales of units. (a) Except in the case of a sale in which delivery of a public offering statement is required, or unless exempt under § 81-401(b) of this title, a unit owner shall furnish to a purchaser not later than the time of the signing of the contract to purchas…

§ 81-410. Escrow of deposits. Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement pursuant to § 81-402(c) of this title must be placed in escrow and held either in this State or in an account desi…

§ 81-411. Release of liens. (a) In the case of a sale of a unit where delivery of a public offering statement is required pursuant to § 81-402(c) of this title, a seller (1) Shall have the subject property released from all liens, except liens on real estate that a declarant has …

§ 81-412. Conversion buildings. (a) A declarant of a common interest community containing conversion buildings, and any dealer who intends to offer units in such a common interest community, shall give each of the residential tenants and any residential subtenant in possession of…

§ 81-413. Express warranties of quality. (a) Express warranties made by a declarant to a purchaser of a unit, if relied upon by the purchaser, are created as follows: (1) Any affirmation of fact or promise in writing which relates to the unit, its use, or rights appurtenant there…

§ 81-414. Implied warranties of quality. (a) A declarant and any dealer warrants that a unit, other than a unit not yet constructed or under construction at the time of contracting, will be in at least as good condition at the earlier of the time of the conveyance or delivery of …

§ 81-415. Exclusion or modification of implied warranties of quality. (a) Except as limited by subsection (b) of this section with respect to a purchaser of a unit that may be used for residential use, implied warranties of quality: (1) May be excluded or modified by agreement of…

§ 81-416. Statute of limitations for warranties. (a) Unless a period of limitation is tolled under § 81-311 of this title or affected by subsection (d) of this section, a judicial proceeding for breach of any obligation arising under § 81-413 or § 81-414 of this title must be com…

§ 81-417. Effect of violations on rights of action; attorneys’ fees. (a) If a declarant or any other person subject to this chapter fails to comply with any of its provisions or any provision of the declaration or bylaws, any person or class of persons adversely affected by the f…

§ 81-418. Labeling of promotional material. No promotional material may be displayed or delivered to prospective purchasers which describes or portrays an improvement that is not in existence unless the description or portrayal of the improvement in the promotional material is co…

§ 81-419. Declarant’s obligation to complete and restore. (a) Except for improvements labeled “NEED NOT BE BUILT,” the declarant shall complete all improvements depicted on any site plan or other graphic representation, including any plats or plans prepared pursuant to § 81-209 o…

§ 81-420. Substantial completion of units. In the case of a sale of a unit for which delivery of a public offering statement is required, a contract of sale may be executed, but no interest in that unit may be conveyed, until the declaration is recorded and the unit is substantia…

§ 81-421. Amendment to public offering statement. Following execution of a contract of sale by a purchaser, the declarant may not amend any required public offering statement without the approval of such purchaser if the amendment would materially affect the rights of such purcha…