This bill proposes the creation of a new section in chapter 47-10 of the North Dakota Century Code that mandates specific disclosures from sellers of condominium units or properties governed by homeowners' associations before a sale. The seller is required to provide a comprehensive written disclosure to prospective buyers, which includes details such as the amount of common expense assessments, special assessments, bylaws, financial statements, insurance documents, and any pending legal issues related to the homeowners' association or condominium project. The bill outlines the timeline for these disclosures, stating they must be provided by a mutually agreed date or within ten days of executing a sale agreement.

Additionally, the bill stipulates that the homeowners' association or condominium project must furnish the required documents within ten days of a seller's request and may charge a reasonable fee for this service. It also protects sellers from liability regarding the disclosed information and establishes that buyers are not responsible for unpaid assessments beyond what is documented. Furthermore, if any material changes occur after the initial disclosure, the seller must provide a written amendment to the buyer. This legislation aims to enhance transparency and protect both buyers and sellers in real estate transactions involving condominiums and homeowners' associations.