The purpose of the information statement required when purchasing a home or unit in a common-interest community or a condominium hotel is to make the buyer aware of all rights, obligations and other aspects related to owning a unit within a common-interest community (also known as a homeowner’s association) or a condominium hotel. The statement makes buyers aware that use of their units can be restricted by the Declaration or CC&R’s. It also alerts buyers that foreclosure of the unit is possible for failure to pay assessments.