(a) This article applies to all units subject to this Act, except as provided in subsection (b) or as modified or waived by agreement of purchasers of units in a condominium in which all units are restricted to nonresidential use. [PL 1981, c. 699 (NEW).]
(b) Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of:
(1) A gratuitous disposition of a unit; [PL 1981, c. 699 (NEW).]
(2) A disposition pursuant to court order; [PL 1981, c. 699 (NEW).]
(3) A disposition by a government or governmental agency; [PL 1981, c. 699 (NEW).]
(4) A disposition by foreclosure or deed in lieu of foreclosure; [PL 1981, c. 699 (NEW).]
(5) A disposition to a person in the business of selling real estate who intends to offer those units to purchasers; or [PL 1981, c. 699 (NEW).]
(6) A disposition which may be cancelled at any time and for any reason by the purchaser without penalty.