Title 43, PROPERTY

The Real Estate Commission may waive initial inspection when in its opinion, a preliminary or final public report can be substantially drafted and issued from the contents of the questionnaire and other or subsequent inquiries. Failure of the commission to notify the developer of…

When an inspection is to be made of projects, the notice of intention shall be accompanied by the filing fee, together with an amount estimated by the Real Estate Commission to be necessary to cover the actual expenses of such inspection, not to exceed seventy - five dollars a da…

The fees collected in this chapter shall be deposited and expended according to the rules promulgated pursuant to chapter 1-26 by the Real Estate Commission. Source: SL 1975, ch 270 , § 20; SL 1986, ch 302 , § 84.

When the Real Estate Commission makes an examination of any project, it shall make a public report of its findings, which shall contain all material facts available. A public report shall be construed to be neither an approval nor a disapproval of a project. Source: SL 1975, ch 2…

No unit in a condominium project may be offered for sale until the Real Estate Commission has issued a final or substitute public report thereon, nor may reservations to purchase be taken until the commission has issued a preliminary, final, or substitute public report. Source: S…

If, after a final or substitute public report has been issued, the Real Estate Commission decides to conduct further inquiries or investigations in order to protect the general public in its real estate transactions, the commission may issue a supplementary public report describi…

No developer may enter into a binding contract or agreement for the sale of any unit in a condominium project until a true copy of the Real Estate Commission's final or substitute public report thereon with all supplementary public reports, if any, has been issued and given to th…

"Condominium," as used in this chapter, unless the context otherwise requires, shall mean an estate in real property consisting of an undivided interest in portions of a parcel of real property together with a separate interest in space in a residential, industrial, or commercial…

The true copies of the Real Estate Commission's public reports shall be an exact reproduction of those prepared by the commission. Source: SL 1975, ch 270 , § 16; SL 1986, ch 302 , § 89.

Receipts taken for any public report shall be kept on file in possession of the developer subject to inspection at a reasonable time by the Real Estate Commission or its deputies, for a period of three years from the date the receipt was taken. Source: SL 1975, ch 270 , § 14; SL …

It is a Class 1 misdemeanor for the developer of the project, after an offering is submitted to the Real Estate Commission, to materially change the setup or value or use of such offering without first notifying the commission in writing of such intended change and substantially …

Any deposit made with a reservation to purchase or a contract to purchase shall be held in escrow in a separate fund for such deposits designated as such until the deed for which a deposit was made is delivered to the depositor. Source: SL 1975, ch 270 , § 12.

No management or recreation facility contract may be entered into by a developer for a period of longer than two years. All subsequent management or recreation facility contracts shall be made by council of co - owners. Source: SL 1975, ch 270 , § 13.

Any person who knowingly authorizes, directs, or aids in the publication, advertisement, distribution, or circulation of any false statement or representation concerning any project offered for sale or lease, and a person who, with knowledge that an advertisement, pamphlet, prosp…

If the Real Estate Commission has reason to believe that a developer is violating any provision set forth in §§ 43-15A-10 to 43-15A-26 , inclusive, or the rules of the commission promulgated pursuant thereto, the commission may investigate the developer's project and examine the …

Any vertical and horizontal property regime established pursuant to former chapter 43-15 , or any condominium established pursuant to chapter 43-15A recorded before January 1, 1992, in the office of the register of deeds of the county in which the land is located, which was in co…

A lien holder who contributes to the erection, alteration, repair, or other general improvement of a single development of condominiums shall apportion his demand among the condominiums affected and shall assert a lien for a proportionate part upon each and upon the ground appurt…

Whenever a developer, the sole owner, or the co - owners of a building or buildings expressly declare, through the recordation of a master deed or lease, which shall set forth the particulars enumerated by § 43-15A-4 , their desire to submit their property to the formation of a c…

The Real Estate Commission may promulgate rules pursuant to chapter 1-26 relating to the administration and enforcement of the provisions of this chapter. Source: SL 1986, ch 302 , § 94.

The master deed or lease to which § 43-15A-3 refers shall express the following particulars: (1) The description of the land, whether leased or in fee simple, and the building or buildings, expressing their respective areas; (2) The general description and the number of each cond…

"Common areas," as used in this chapter, unless the context otherwise requires and unless otherwise provided in the master deed or lease, includes: (1) The land whether fee simple or leased, on which the building or buildings stand; (2) The foundations, main walls, roofs, halls, …

Any condominium may be jointly or commonly owned by more than one person. Source: SL 1975, ch 270 , § 3.

Any condominium owner shall have an exclusive right to his condominium and shall have a common right to a share, with other co - owners, in the common areas of the property. Source: SL 1975, ch 270 , § 4.

Provisions shall be made for the recordation of the individual condominiums on subsequent resales, mortgages, and other encumbrances, as is done with all other real estate recordation. Source: SL 1975, ch 270 , § 5.

The register of deeds of the county recording any master deed or lease shall receive the sum of seventy-five dollars for the first fifty pages plus two dollars per page for each page or fraction thereof exceeding fifty pages. A master deed or lease shall be recorded in the same m…