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

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Terms Used In Rhode Island General Laws 34-36.1-4.01

  • 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: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10

(b)  Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of:

(1)  A gratuitous disposition of a unit;

(2)  A disposition pursuant to court order;

(3)  A disposition by a government or governmental agency;

(4)  A disposition by foreclosure or 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 or;

(6)  A disposition that may be cancelled at any time and for any reason by the purchaser without penalty.

History of Section.
P.L. 1982, ch. 329, § 2.