Title Minnesota Statutes, Minnesota Statutes

515B.3-112 CONVEYANCE OF, OR CREATION OF SECURITY INTERESTS IN, COMMON ELEMENTS. (a) In a condominium or planned community, unless the declaration provides otherwise, portions of the common elements may be conveyed or subjected to a security interest by the association if persons…

515B.3-113 INSURANCE. (a) Commencing not later than the time of the first conveyance of a unit to a unit owner other than a declarant, the association shall maintain, to the extent reasonably available: (1) subject to subsection (b), property insurance (i) on the common elements …

515B.3-114 RESERVES; SURPLUS FUNDS. (a) The annual budgets of the association shall provide from year to year, on a cumulative basis, for adequate reserve funds to cover the replacement of those parts of the common interest community which the association is obligated to replace.…

515B.3-1141 REPLACEMENT RESERVES. (a) The association shall include in its annual budgets replacement reserves projected by the board to be adequate, together with past and future contributions to replacement reserves, to fund the replacement of those components of the common int…

515B.3-115 ASSESSMENTS FOR COMMON EXPENSES; CIC CREATED BEFORE AUGUST 1, 2010. (a) The obligation of a unit owner to pay common expense assessments shall be as follows: (1) If a common expense assessment has not been levied, the declarant shall pay all operating expenses of the c…

515B.3-1151 ASSESSMENTS FOR COMMON EXPENSES; CIC CREATED ON OR AFTER AUGUST 1, 2010. (a) The association shall approve an annual budget of common expenses at or prior to the conveyance of the first unit in the common interest community to a purchaser and annually thereafter. The …

515B.3-116 LIEN FOR ASSESSMENTS. (a) The association has a lien on a unit for any assessment levied against that unit from the time the assessment becomes due. If an assessment is payable in installments, the full amount of the assessment is a lien from the time the first install…

515B.3-117 OTHER LIENS. (a) Except in a cooperative and except as otherwise provided in this chapter or in a security instrument, an individual unit owner may have the unit owner's unit released from a lien if the unit owner (1) pays the lienholder the portion of the amount which…

515B.3-118 ASSOCIATION RECORDS. The association shall keep adequate records of its membership, unit owners meetings, board of directors meetings, committee meetings, contracts, leases and other agreements to which the association is a party, and material correspondence and memora…

515B.3-119 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 inq…

515B.3-120 DECLARANT DUTIES; TURNOVER OF RECORDS. (a) During any period of declarant control pursuant to section 515B.3-103(c), declarant and any of its representatives who are acting as officers or directors of the association shall: (1) cause the association to be operated and …

515B.3-121 ACCOUNTING CONTROLS. (a) Subject to any additional or greater requirements set forth in the declaration or bylaws, a review of the association's financial statements shall be made at the end of the association's fiscal year, unless prior to 60 days after the end of tha…

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 written agreement of purchasers of a unit which is restricted to non…

515B.4-102 DISCLOSURE STATEMENT; GENERAL PROVISIONS; CIC CREATED BEFORE AUGUST 1, 2010. (a) A disclosure statement shall fully and accurately disclose: (1) the name and, if available, the number of the common interest community; (2) the name and principal address of the declarant…

515B.4-1021 DISCLOSURE STATEMENT; GENERAL PROVISIONS; CIC CREATED ON OR AFTER AUGUST 1, 2010. (a) A disclosure statement shall fully and accurately disclose: (1) the name and, if available, the number of the common interest community; (2) the name and principal address of each de…

515B.4-103 COMMON INTEREST COMMUNITIES SUBJECT TO RIGHTS TO ADD ADDITIONAL REAL ESTATE. If the declaration provides that a common interest community is subject to any rights to add additional real estate: (1) the disclosure statement shall include the following notice: "The follo…

515B.4-104 TIME SHARES. If the declaration permits time shares, the disclosure statement shall contain or disclose, in addition to the information required by sections 515B.4-102 and 515B.4-103: (1) the unit identifiers of the units in which time shares may be created; (2) the to…

515B.4-105 COMMON INTEREST COMMUNITY WITH BUILDING ONCE OCCUPIED. The disclosure statement for a common interest community containing any building that was at any time before the creation of the common interest community wholly or partially occupied, for any purpose, by persons o…

515B.4-106 PURCHASER'S RIGHT TO CANCEL. (a) A person required to deliver a disclosure statement pursuant to section 515B.4-101 (b) shall provide at least one of the purchasers of the unit with a copy of the disclosure statement and all amendments thereto before conveyance of the …

515B.4-107 RESALE OF UNITS. (a) In the event of a resale of a unit by a unit owner other than a declarant, unless exempt under section 515B.4-101(c), the unit owner shall furnish to a purchaser, before execution of any purchase agreement for a unit or otherwise before conveyance,…

515B.4-108 PURCHASER'S RIGHT TO CANCEL RESALE. (a) Unless a purchaser is given the information required to be delivered by section 515B.4-107, more than ten days prior to the execution of the purchase agreement for the unit the purchaser may, prior to the conveyance, cancel the p…

515B.4-109 ESCROW DEPOSITS. All earnest money paid or deposits made in connection with the purchase or reservation of units from or with a declarant shall be deposited in an escrow account controlled jointly by the declarant and the purchaser, or controlled by a licensed title in…

515B.4-110 OBLIGATION TO RELEASE LIENS. (a) In the case of a transfer of a unit where a disclosure statement is required, the declarant, before conveying the unit, shall: (1) record or furnish to the purchaser recordable releases of all liens, the foreclosure of which could depri…

515B.4-111 CONVERSION PROPERTY. (a) A unit owner of a unit in a common interest community containing conversion property shall not, for a period of one year following the recording of the declaration creating the common interest community, require any occupant who was residing in…

515B.4-112 EXPRESS WARRANTIES. (a) Express warranties made by a declarant or an affiliate of a declarant to a purchaser of a unit, if reasonably relied upon by the purchaser, are created as follows: (1) Any affirmation of fact or promise which relates to the unit; use of the unit…

515B.4-113 IMPLIED WARRANTIES. (a) A declarant warrants to a purchaser that a unit will be in at least as good condition at the earlier of the time of the conveyance or delivery of possession as it was at the time of contracting, reasonable wear and tear excepted. (b) A declarant…

515B.4-114 EXCLUSION OR CHANGE OF IMPLIED WARRANTIES. (a) With respect to a unit available for residential use, no general disclaimer of implied warranties is effective, but a declarant may disclaim liability in an instrument separate from the purchase agreement signed by the pur…

515B.4-115 STATUTE OF LIMITATIONS FOR WARRANTIES; CIC CREATED BEFORE AUGUST 1, 2010. (a) A judicial proceeding for breach of an obligation arising under section 515B.4-101(e) or 515B.4-106(d), shall be commenced within six months after the conveyance of the unit or other parcel o…

515B.4-1151 STATUTE OF LIMITATIONS FOR WARRANTIES; CIC CREATED ON OR AFTER AUGUST 1, 2010, AND BEFORE AUGUST 1, 2011. (a) A judicial proceeding for breach of an obligation arising under section 515B.4-101(e) or 515B.4-106(d) shall be commenced within 12 months after the conveyanc…

515B.4-1152 STATUTE OF LIMITATIONS FOR WARRANTIES; CIC CREATED ON OR AFTER AUGUST 1, 2011. (a) A judicial proceeding for breach of an obligation arising under section 515B.4-101(e) or 515B.4-106(d) shall be commenced within 12 months after the conveyance of the unit or other parc…

515B.4-116 RIGHTS OF ACTION; ATTORNEY'S FEES. (a) In addition to any other rights to recover damages, attorney's fees, costs or expenses, whether authorized by this chapter or otherwise, if a declarant, an association, or any other person violates any provision of this chapter, o…

515B.4-117 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 c…

515B.4-118 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 CIC plat prepared pursuant to section 515B.2-110, whether or not the plat is contained in the disclosu…