2023 Vermont Statutes › Title 27 - Property › Chapter 15 - Condominium Ownership Act › § 1355. Notice of conversion

§ 1355. Notice of conversion
(a) A declarant shall give notice of an intended conversion by delivering the notice by certified mail to all leaseholders and the commissioner of the department of housing and community affairs, and by delivering the notice to all mobile homes located in sites in the mobile home park. For purposes of this subchapter, the date of mailing or the date of delivery, whichever is later, shall be considered the date of the notice of conversion. An affidavit of the person delivering the notice to the mobile home shall be adequate proof of the date of delivery.
(b) The declarant shall deliver the notice to any prospective purchasing leaseholder of a mobile home or to any prospective leaseholder. The declarant shall deliver the notice by certified mail to the town clerk of any town in which the mobile home park is located.
(c) The notice shall contain or fully and accurately disclose:
(1) the name and principal address of the declarant and of the proposed owners of the mobile home park, and a statement that the proposed form of ownership is either a condominium or planned community;
(2) a general description of the mobile home park, including to the extent known, the types, number, and the declarant’s schedule of commencement and completion of construction of buildings, and amenities that the declarant anticipates including in the mobile home park;
(3) the number of sites in the mobile home park;
(4) the price of each condominium site, which may not exceed by more than 10 percent the price stated in the notice of intent to convert;
(5) copies and a brief narrative description of the significant features of the declaration (other than any surveys and plans) and any other recorded covenants, conditions, restrictions, and reservations affecting the mobile home park; the bylaws, and any rules or regulations of the association; copies of any contracts and leases to be signed by purchasing leaseholders at closing, and a brief narrative description of any contracts or leases that will or may be subject to cancellation by the association or managing entity;
(6) a recent appraisal of the mobile home park as a rental park and as converted;
(7) any current balance sheet and a projected budget for the association, either within or as an exhibit to the notice, for one year after the date of the first conveyance to a purchasing leaseholder, and thereafter the current budget of the association, a statement of who prepared the budget, and a statement of the budget’s assumptions concerning occupancy, inflation and factors relating to repair or upgrading of the park. The budget shall include:
(A) a statement of the amount, or a statement that there is no amount, included in the budget as a reserve for repairs and replacement;
(B) a statement of any other reserves;
(C) the projected common expense assessment by category of expenditures for the association; and
(D) the projected monthly common expense assessment for each type of site;
(8) any services not reflected in the budget that the declarant provides, or expenses that he or she pays, and that he or she expects may become at any subsequent time a common expense of the association and the projected common expense assessment attributable to each of those services or expenses for the association and for each type of site;
(9) any initial or special fee due from the purchasing leaseholder at closing, together with a description of the purpose and method of calculating the fee;
(10) a description of any liens, defects, or encumbrances on or affecting the title to the mobile home park;
(11) a description of any financing offered or arranged by the declarant;
(12) a statement of what actions the declarant agrees to perform if the declarant withdraws an offer to sell a site during the conversion period before a leaseholder purchases a site;
(13) the terms and significant limitations of any warranties provided by the declarant, including statutory warranties and limitations on the enforcement thereof or on damages;
(14) a statement of any unsatisfied judgments or pending suits against the association, and the status of any pending suits material to the mobile home park of which a declarant has actual knowledge;
(15) any restraints on alienation of any portion of the mobile home park and any restrictions:
(A) on use, occupancy, and alienation of the sites; and
(B) on the amount for which a site may be sold or on the amount that may be received by a site owner on sale, condemnation, or casualty loss to the site or to the mobile home park;
(16) a description of any insurance coverage provided for the benefit of site owners;
(17) any current or expected fees or charges to be paid by site owners for the use of the common elements and other facilities related to the common interest community;
(18) the extent to which financial arrangements have been provided for completion of all improvements that the declarant is obligated to build;
(19) a brief narrative description of any zoning and other land use requirements affecting the mobile home park, including, to the declarant’s knowledge, a statement of the extent to which the mobile home park is in compliance with those requirements;
(20) a statement by the declarant, based on a report by an independent architect or engineer, describing the present condition of all water, sewer, drainage and other structural components and mechanical and electrical installations material to the use and enjoyment of the mobile home park, including a description of the history of maintenance and repair of those components;
(21) the expected useful life of each item;
(22) a list of any outstanding notices of uncured violation of the building code and of any applicable municipal, state or federal regulations and the cost of curing those violations;
(23) a description of any problems which may materially affect the habitability or use of the mobile home park, and the estimated cost of curing those problems, to the declarant’s knowledge;
(24) all unusual and material circumstances, features, and characteristics of the mobile home park and the sites. The declarant shall promptly amend the notice to report any material change in the information required by this section. (Added 1993, No. 97, § 1.)