The bill amends Section 34-36.1-4.09 of the General Laws regarding the resale of condominium units. It requires condominium associations to provide potential purchasers with a resale certificate that includes various disclosures about common expenses, pending legal issues, insurance coverage, and any known violations related to the unit or the condominium. The bill mandates that condominium associations must provide this certificate within ten days of a request from a unit owner.

The bill establishes a fee structure for the preparation of resale certificates, allowing associations to charge up to one hundred twenty-five dollars ($125) for the initial certificate and twenty-five dollars ($25) for updates to the certificate. It clarifies that unit owners are not liable for any erroneous information provided by the association in the certificate and that purchasers are only responsible for unpaid assessments as stated in the certificate. The act is set to take effect on September 1, 2026.

Statutes affected:
7411: 34-36.1-4.9