Realtor Karen is listing a property in Johns Creek Estates where the property owners association recently changed management companies. Her seller received a notice about the transition. Under Georgia law, what records must the outgoing management company transfer to maintain continuity?
Correct Answer
B) Financial records, correspondence, and association documents in their possession
Under O.C.G.A. § 44-3-78, outgoing managers must transfer all financial records, correspondence, and association documents. A is incorrect as it's too limited to current year only. C is incorrect as bank information alone is insufficient. D is incorrect as architectural requests alone don't constitute complete records.
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Previous Question
A prospective buyer is purchasing a condominium unit in Georgia. Which of the following best describes the scope of due diligence the buyer should undertake before closing?
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Agent David represents buyers purchasing in Marietta Meadows subdivision. The property owners association's resale certificate indicates pending litigation against the association regarding common area maintenance disputes. How should David advise his buyers about this disclosure?