§ 34-41-4.04 - Public offering statement – Conversion building. - Rhode Island Statutes

SECTION 34-41-4.04

   § 34-41-4.04  Public offering statement– Conversion building. – (a) If a conversion building that includes or is to include one or moretime-share units is more than ten (10) years old and the developer or anyaffiliates of the developer own or control more than fifty percent (50%) of allunits in the project, the public offering statement must contain, in additionto the information required by § 34-41-4.03:

   (1) A statement by the developer, based on a report preparedby an independent registered architect or engineer, describing the presentcondition of all structural components and mechanical and electricalinstallations material to the use and enjoyment of the time-share units;

   (2) A statement by the developer of the expected useful lifeof each item reported on in subdivision (a)(1) or a statement that norepresentations are made in that regard; and

   (3) A list of any outstanding notices of uncured violationsof building code or other municipal regulations, together with the estimatedcost of curing those violations.

   (b) This section applies only to units in which use as adwelling or for recreational purposes, or both, is permissible.