KRS § 381.9203 — KY Code / Title XXXII / Chapter 381 / Section 381.9203
381.9203 Documentation to be furnished by seller of unit -- Certificate
Status: in_force

381.9203 Documentation to be furnished by seller of unit -- Certificate.

(1) Except as provided in KRS 381.9201(2), a seller of a unit shall furnish to a

purchaser or purchaser's agent before execution of any contract for sale of a unit, or

otherwise before conveyance, a copy of the declaration, other than the plats and

plans, and a copy of the bylaws, the rules or regulations of the association, and a

certificate, current to the date of issuance and signed and dated by the association's

manager or authorized agent, containing:

(a) A statement disclosing the effect on the proposed disposition of any right of

first refusal or other restraint on the free alienability of the unit;

(b) A statement setting forth the amount of the monthly common expense

assessment and any unpaid common expense, emergency assessment, or

special assessment currently due and payable from the selling unit owner;

(c) A statement of any other fees payable by unit owners;

(d) A statement of any capital expenditures anticipated by the association for the

current and, if known, next two (2) fiscal years;

(e) A statement of the amount of any reserves for capital expenditures, if any, and

of any portions of those reserves designated by the association for any

specified projects;

(f) The most recent regularly prepared balance sheet and income and expense

statement, if any, of the association;

(g) The current operating budget of the association;

(h) The date of the most current financial report prepared for the association

pursuant to KRS 381.9197;

(i) A statement of any unsatisfied judgments against the association, the status of

any pending suits in which the association is a defendant, or any pending suits

in which the association is a named party and the amount in dispute or contest

is more than ten thousand dollars ($10,000);

(j) A statement describing any insurance coverage maintained by the association

or an attachment of a certificate of insurance issued to the association; and

(k) If any portion of the condominium is situated upon a leasehold estate, a

statement of the remaining term of any leasehold estate affecting the

condominium and the provisions governing any extension or renewal thereof.

(2) The association shall, within ten (10) days after receipt of a written request by a unit

owner, furnish a certificate containing the information necessary to enable the unit

owner to comply with subsection (1) of this section. A unit owner or unit owner's

agent providing a purchaser with the certificate issued pursuant to this subsection

shall not be liable to the purchaser for any erroneous information provided by the

association and included in the certificate.

(3) A unit owner or unit owner's agent shall not be liable to a purchaser for the failure

or delay of the association to provide the certificate in a timely manner, but the sales

contract is voidable by the purchaser until the certificate has been provided and for

five (5) days thereafter or until conveyance, whichever first occurs.

(4) An association may not deny the validity of any statement in the certificate.

(5) Failure to provide a certificate does not void a deed to a purchaser.