The declarant must give a purchaser a public offering statement before the first sale or contract, and must promptly update it if material information changes.
§1124.102. Public offering statement; general provisions A. Prior to the initial sale or execution of a contract to purchase a condominium unit, the declarant shall provide a purchaser of a unit with a copy of the public offering statement containing or accurately disclosing: (1) A copy of the condominium declaration. (2) A copy of articles of incorporation or other documents creating the association. (3) A copy of the bylaws of the association. (4) A copy of any predial lease or sublease relating to the condominium property. (5) A written statement indicating whether the declarant has entered into or intends to enter into a contract for the management of all or a portion of the condominium property. With respect to any such contract, this statement shall specify the services to be rendered, the amount or estimate of the cost to be incurred thereunder and the duration thereof, including any renewal provisions, and any relationship, whether direct or indirect, between the declarant and the person to perform such management services. (6) A projected operating budget for the association, for the one year period after the date of the first conveyance of a unit to a purchaser and thereafter the current budget of the association, including full details of the estimated monthly charges for maintenance and management of the condominium, including an indication of the amount, or a statement that there is no amount, included in the budget as a reserve for repairs and replacement, monthly charges for the use of any recreational facilities, and of insurance coverage on the condominium, and the estimated premiums therefor. (7) A brief narrative description of the significant features of the declaration (other than the plats and plans), the articles of incorporation or other documents creating the association, the bylaws, and rules and regulations. (8) A diagram or other illustration of the floor plan of the unit. (9) A written statement indicating whether any units remaining unsold subsequent to the filing of the condominium declaration will be exempted from the payment of all or a portion of the common expenses normally accruing to said unsold units and, if so, the period of time of the exemption. (10) A statement that within fifteen days of receipt of a public offering statement, a purchaser, before conveyance, may cancel any contract to purchase a unit from the declarant. (11) The terms of any warranties expressly made or limited by the declarant. (12) A statement of any unsatisfied judgments against the association, the status of any pending suits to which the association is a party, and the status of any pending suits or claims material to the condominium of which the declarant has actual knowledge, and (13) A description of the insurance coverage provided for the benefit of unit owners. B. A declarant shall promptly amend the public offering statement to report any material change in the information required by this Section. C. A cause of action created or recognized under this Section shall in any event prescribe five years after the date of closing of the act transfer. Acts 1979, No. 682, §1.