This bill introduces a new section to chapter 47-10 of the North Dakota Century Code, which mandates specific disclosures that sellers must provide to prospective buyers before the sale of a condominium unit or property governed by a homeowners' association or condominium project. The required disclosures include details about common expense assessments, special assessments, governing documents of the association or project, financial statements, insurance coverage, any legal judgments or pending lawsuits, and various other relevant information. Sellers are required to provide this information within ten days of executing a sale agreement or by a mutually agreed date.

Additionally, the bill stipulates that sellers or their agents are not liable for claims based on the disclosed information, and it outlines the responsibilities of homeowners' associations or condominium projects to furnish the necessary documents upon request. It also protects buyers from being liable for unpaid assessments beyond what is disclosed and allows buyers to void the purchase contract if the required documents are not provided in a timely manner. Furthermore, sellers must inform buyers of any material changes to the disclosed information before closing.