66-27-505 - Remedies for noncompliance. - Tennessee Statutes

66-27-505. Remedies for noncompliance.

(a)  (1)  If the association or declarant, as applicable, fails to provide the information required by § 66-27-503, within the time provided in this section, then the association or declarant, as applicable, shall be liable for and shall pay a fine or penalty of two hundred fifty dollars ($250) to the party on whose behalf the request is made, following the first request for the information, and a fine or penalty of five hundred dollars ($500) if not supplied within ten (10) business days following the second request for the information, plus all costs, including, without limitation, reasonable attorney's fees incurred in obtaining the information or enforcing the fines or penalties, or both, provided for in this section.

     (2)  In addition, and not in limitation of subdivision (a)(1), neither the purchaser nor any unit owned by the purchaser, shall be liable for any past due assessments that would have been disclosed if the information would have been provided within ten (10) business days following the second request for the information; provided, that the requesting party had no actual knowledge of the past due assessments at the time the unit was acquired by the purchaser.

     (3)  The fine or penalty, or both, shall not be the exclusive remedy of the aggrieved party, but shall be in addition to all other remedies to which the party shall be entitled at law or in equity, including, without limitation, specific performance.

(b)  If at the time of the request for information the declarant is in control of the association or the condominium, or both, then the declarant must provide the information required within ten (10) business days following receipt of a written request for the information, or, if the information is not available at that time, then within ten (10) business days prior to closing. If the information is not provided within that time, then the prospective buyer shall have the right to rescind the contract upon notice to the declarant, or, in the buyer's sole discretion, the buyer may extend the closing date until a date that is ten (10) business days following the date upon which the information is provided, and may seek specific performance of this obligation in a court of competent jurisdiction, and shall be entitled to recover all costs and expenses incurred in doing so, including, without limitation, reasonable attorney's fees.

[Acts 2008, ch. 766, § 1.]