Public Offering Statement: Conversion Condominium

Public Offering Statement: Conversion Condominium. (a) The public offering statement of a conversion condominium must contain, in addition to the information required by 2 CMC § 6402: (1) A statement by the declarant, based on a report prepared by an independent architect or engineer, describing the present condition of all structural components and mechanical and electrical installation material to the use and enjoyment of the condominium; (2) A statement by the declarant of the expected useful life of each item reported on in subsection (a)(1) of this section or a statement that no representations are made in that regard; and (3) A list of any outstanding notices of uncured violations of building code or other municipal regulations, together with the estimated cost of curing those violations. (b) This section applies only to units that may be occupied for residential use. Source: PL 3-86, § 4-104.