Real Property Transfers — Required Disclosures

Requires sellers of property subject to HOA or condominium rules to provide 15 specified disclosure items within 10 days of executing a purchase agreement. Required items include assessment amounts, unpaid assessments, approved special assessments, reserve and capital fund balances, reserve study status, operating and reserve budgets with year-to-date financial statement, insurance documents, pending litigation and unsatisfied judgments, uncured violations, transfer fees, assessment collection policy and remedies, leasing restrictions, amenities, and association contact information. Information must be current within 90 days. Buyer may void the contract within 5 days of receipt. Association must respond within 10 days of request. Applies to both HOAs and condominiums.