This bill introduces a new section to chapter 47-10 of the North Dakota Century Code, establishing required disclosures that sellers must provide before selling a condominium unit or property governed by a homeowners' association or condominium project. The bill outlines specific information that must be disclosed to prospective buyers, including details about common expense assessments, special assessments, governing documents, financial statements, insurance coverage, and any pending legal issues related to the homeowners' association or condominium project. 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 mandates that homeowners' associations or condominium projects must furnish the required documents within ten days of a seller's request. The bill also protects buyers from being liable for unpaid assessments beyond what is disclosed in the provided documents and allows buyers to void the purchase contract if the necessary documents are not provided in a timely manner. Furthermore, sellers must amend any disclosures if they become aware of material changes before closing.