(A) A copy of the condominium property report and any amendments and supplements thereto shall be filed by the developer promptly upon preparation with the chief building inspector and shall be accompanied by a fee of one hundred dollars ($100.00) per unit, with the total not to exceed one thousand five hundred dollars ($1,500.00).
(B) Upon receipt of the property report in the proper form, the chief building inspector shall forthwith initiate an investigation to determine that:
1. The developer can convey or cause to be conveyed the units offered for disposition if the purchaser complies with the terms of the offer;
2. There is reasonable assurance that all proposed improvements will be completed as represented.
(C) The chief building inspector shall inspect or shall cause to be inspected the entire structure to determine compliance with all applicable codes of the village of Riverside and shall notify the developer in writing of all violations discovered.
Except as provided in subsection (D) of this section, the developer shall, not less than thirty (30) days prior to the closing of a sale of any condominium unit, correct same so as to bring the building into full code compliance.
Such compliance shall be evidenced by a code inspection report and certificate of code compliance, issued by the chief building inspector.
(D) Upon receipt of the property report in proper form, the chief building inspector shall, within five (5) business days, issue a notice of filing to the developer. The chief building inspector shall review the property report and examine the condominium project. Within ninety (90) days from the date of notice of filing, the chief building inspector shall make a public report of his findings which shall contain all material facts reasonably available. Such public report shall not be construed to be an approval or disapproval of the project by the village and shall include the following paragraph:
THE VILLAGE OF RIVERSIDE HAS RECEIVED THE CONDOMINIUM INSTRUMENTS, INCLUDING THIS CONDOMINIUM PROPERTY REPORT, FOR FILING. THE VILLAGE HAS REVIEWED THE CONDOMINIUM PROPERTY REPORT ONLY FOR COMPLIANCE WITH THE RESIDENTIAL CONDOMINIUM ORDINANCE AND ASSUMES NO LIABILITY FOR THE PROJECT OR THE DEVELOPER'S ACTIONS OR FAILURES TO ACT.
If no public report is issued within the aforementioned ninety (90) day period, the public report will be deemed to have been issued and the developer may proceed under subsection (E) of this section.
(E) Subject to the provisions contained in subsection (D) of this section, a developer or agent shall not enter into a binding contract or agreement for the sale of a condominium unit until:
1. A copy of the property report and any amendments and supplements thereto and a true copy of the chief building inspector's public report thereon with all supplementary public reports, if any, have been given to the prospective purchaser;
2. The prospective purchaser has been given an opportunity of not less than seven (7) days to read the property report and the public report;
3. A receipt signed by the prospective purchaser has been received by the developer or agent acknowledging that the prospective purchaser has received and has had an opportunity to review the property report and the public report.
(F) Such receipts shall be kept on file in the possession of the developer for a period of three (3) years from the date of signature by the prospective purchaser. Receipts shall be subject to inspection by the chief building inspector at any reasonable time.
(G) The property report and any amendments and supplements thereto and the public report of the chief building inspector shall be made available for inspection by the public in such place as may be designated by the chief building inspector.
(H) If any information required to be contained in the property report is unavailable prior to the time a prospective purchaser desires to enter into a contract of sale, the contract may, at the purchaser's option, be executed without the availability of such information, provided that such information shall be furnished to the purchaser and its receipt acknowledged in writing by the purchaser prior to the closing of the sale.
(I) It shall be unlawful for the developer, after submitting the property report to the chief building inspector, to materially change the terms of the property report without first notifying the duly constituted authorities in writing of such intended change and substantially notifying all purchasers and prospective purchasers of such change.
(J) After the signing of the contract of sale for a condominium unit, and prior to the closing of the sale, the developer must deliver to the buyer a copy of any amendments, supplements or modifications to the property report. The prospective purchaser may rescind, in writing, the contract of sale within five (5) days after receiving any of the aforesaid items without any liability on the buyer's part, and shall thereupon be entitled to the return of any deposit made on account of the contract.
(K) The rights of purchasers under this section may not be waived in the contract of sale, and any attempted waiver is void. (Ord. 2532, 8-15-2005)