The bill amends Minnesota Statutes 2024, section 515B.4-101, to enhance the disclosure requirements for common interest communities. It mandates that boards must provide declarants with any documents that the declarant is required to deliver to a purchaser at no cost. This change aims to ensure that declarants have access to necessary information without incurring additional expenses, thereby facilitating a smoother transaction process for potential buyers.

Additionally, the bill outlines the applicability of disclosure statements and resale disclosure certificates, detailing the circumstances under which these documents are not required. It emphasizes the importance of transparency in real estate transactions by requiring that purchase agreements include specific notices regarding the rights of purchasers to receive disclosure statements. Overall, the bill seeks to improve the clarity and accessibility of information related to common interest communities, benefiting both declarants and purchasers.

Statutes affected:
Introduction: 515B.4