Is a public offering statement required prior to the closing of all condominiums?
A public offering statement is required by any declarant or person who is in the business of selling real estate when that declarant or person offers a condominium unit for sale on his own account to a puchaser of a condominium unit. A public offering statement is not required in the following instances: i. if the condominium contains 12 units or less, is not subject to further development rights, and the declarant of the condominium has owned the units for more than 2 years from the date of the first sale; and ii. nonresidential condominium projects where all of the units are nonresidential or in residential projects where waived by agreement; and in the following instances: disposition or transfer by gift; court order; by a government agency; foreclosure or in lieu of foreclosure; disposition or transfer to a person in the business of real estate who intends to resell the unit; and when the purchase and sales agreement may be cancelled without penalty by the buyer. Back to the top.
