Texas Property Code 82.152 – Liability for Condominium Information Statement
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(a) Except as provided by Subsection (b), a declarant shall prepare a condominium information statement before offering to the public any interest in a unit.
(b) A declarant may transfer responsibility for preparation of all or a part of the condominium information statement to a successor declarant or to a person in the business of selling real property who intends to offer units in the condominium for the person’s own account. On such transfer, the transferor shall provide the transferee with any information necessary to enable the transferee to prepare a condominium information statement.
Terms Used In Texas Property Code 82.152
- Condominium: means a form of real property with portions of the real property designated for separate ownership or occupancy, and the remainder of the real property designated for common ownership or occupancy solely by the owners of those portions. See Texas Property Code 82.003
- Contract: A legal written agreement that becomes binding when signed.
- Declarant: means a person, or group of persons acting in concert, who:
(A) as part of a common promotional plan, offers to dispose of the person's interest in a unit not previously disposed of; or
(B) reserves or succeeds to any special declarant right. See Texas Property Code 82.003 - Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
- Purchaser: means a person, other than a declarant, who by means of a voluntary transfer acquires a legal or equitable interest in a unit other than a leasehold interest or as security for an obligation. See Texas Property Code 82.003
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Unit: means a physical portion of the condominium designated for separate ownership or occupancy, the boundaries of which are described by the declaration. See Texas Property Code 82.003
(c) A declarant or other person in the business of selling real property who offers a unit for the person’s own account to a purchaser shall provide a purchaser of a unit with a copy of the condominium information statement, as amended, before conveyance of the unit or the date of a contract of sale, whichever is earlier.
(d) The person preparing all or part of the condominium information statement is liable for any false or misleading statement or for any omission of material fact in the portion of the condominium information statement that the person prepared. If a declarant did not prepare any part of a condominium information statement that the declarant delivers, the declarant is not liable for any false or misleading statement or any omission of material fact unless the declarant actually knew or should have known of the statement or omission.