A buyer is under contract to purchase a condominium unit in a California common interest development. The seller's agent asks which disclosure documents the seller is required to deliver to the buyer under the Davis-Stirling Common Interest Development Act. Which answer correctly identifies the seller's obligation?
Correct Answer
B) A statutory disclosure package including the CC&Rs, bylaws, operating rules, current financials, reserve study, pending litigation disclosure, and recent board meeting minutes
California Civil Code §§4525–4528 require the seller of a separate interest in a common interest development to provide the buyer with a statutorily defined disclosure package before close of escrow. This package must include the CC&Rs, bylaws, operating rules, current financial statements, current budget, reserve funding disclosure, reserve study summary, pending or anticipated litigation disclosure, minutes of board and member meetings from the past 12 months, and information about any outstanding assessments or violations. The seller must request this package from the HOA, which is required to provide it within 10 days.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Restrictive covenants, also known as CC&Rs (Covenants, Conditions & Restrictions), are private agreements written into deeds or HOA documents that limit how property can be used. They are enforced by property owners, not the government.
Setback requirements are zoning regulations that specify the minimum distance a building or structure must be set back from property lines, streets, or other boundaries. They ensure adequate light, air, and space between structures.
Spot zoning is an illegal or improper rezoning of a small parcel of land that is inconsistent with the surrounding zoning and the comprehensive plan. It benefits an individual owner rather than the community as a whole.
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