Effective 28 Aug 1983

448.4-102. Liability for public offering statement requirements. — 1. Except as provided in subsection 2 of this section, a declarant shall, prior to the offering of any interest in a unit to the public, prepare an original sale certificate conforming to the requirements of sections 448.4-103, 448.4-104, 448.4-105, and 448.4-106.

2. A declarant may transfer responsibility for preparation of all or a part of the original sale certificate to a successor declarant or to a person in the business of selling real estate who intends to offer units in the condominium for his own account. In the event of any such transfer, the transferor shall provide the transferee with the information necessary to enable the transferee to fulfill the requirements of subsection 1 of this section.

3. Any declarant or other person in the business of selling real estate who offers a unit for his own account to a purchaser shall deliver an original sale certificate in the manner prescribed in subsection 1 of section 448.4-108. The person who prepared all or a part of the original sale certificate is liable under sections 448.4-108 and 448.4-113 for any false or misleading statement set forth therein or for any omission of material fact therefrom with respect to that portion of the original sale certificate which he prepared. If a declarant did not prepare any part of an original sale certificate that he delivers, he is not liable for any false or misleading statement set forth therein or for any omission of material fact therefrom unless he had actual knowledge of such statement or omission or, in the exercise of reasonable care, should have known of such statement or omission.

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(L. 1983 H.B. 177)