Maria is buying a condominium unit in a building created in 1998 in Minneapolis, Minnesota. Her agent tells her that the seller must provide certain resale disclosures specific to common interest communities. Which Minnesota statute governs the resale disclosure requirements for this condominium?
Correct Answer
B) Minnesota Common Interest Ownership Act (MCIOA), Minn. Stat. Ch. 515B, because the building was created after June 1, 1994
The Minnesota Common Interest Ownership Act (MCIOA), Minn. Stat. Ch. 515B, governs condominiums, townhomes, and planned communities created after June 1, 1994. Since this condominium was created in 1998, MCIOA applies and governs the resale disclosure requirements, including the seller's obligation to provide a resale disclosure certificate and the buyer's right of rescission after receiving it.
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Related Topics & Key Terms
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Related Concepts
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
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