(a) This article applies to all units subject to this chapter, except as provided in subsection (b) or as modified or waived in writing by agreement of purchasers of units in a condominium in which all units are restricted to nonresidential use.
contract signature

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Terms Used In Alabama Code 35-8A-401

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • writing: includes typewriting and printing on paper. See Alabama Code 1-1-1
(b) Neither an offering statement nor a resale certificate need be prepared or delivered in the case of:

(1) A gratuitous disposition of a unit;
(2) A transfer pursuant to court order;
(3) A disposition by a government or governmental agency;
(4) A transfer by foreclosure or disposition by deed in lieu of foreclosure;
(5) A disposition to a person in the business of selling real estate who intends to offer those units to purchasers where the responsibility for preparing and delivering the offering statement has been transferred to the person pursuant to subsection (b) of Section 35-8A-402;
(6) A disposition that may be canceled at any time and for any reason by the purchaser without penalty; or
(7) A disposition of a time share interest in a unit.
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