A. A copy of the condominium property report and any amendments and supplements thereto shall be filed with both the Village Clerk and the Director of Building and Code Enforcement by the developer promptly following completion. Said copy shall be used for informational purposes only and may be included in the building permit files.
B. Subject to the provisions contained in this chapter, 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 condominium property report and any amendments and supplements thereto, if any, have been given to the prospective purchaser and to all existing tenants in condominium conversions and filed with the Village as provided in subsection A of this section.
2. The prospective purchaser has been given an opportunity to read the condominium property 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 condominium property report.
C. 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 Village at any reasonable time.
D. The condominium property report and any amendments and supplements thereto shall be made available by the developer for inspection by the public in a reasonably accessible place and at reasonable hours.
E. If any information required to be contained in the condominium 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.
F. Before making any material changes in the terms of a condominium property report which has been submitted to the Village Clerk and the Director of Building and Code Enforcement, the developer shall first notify the Director or designee in writing of such intended change, and shall also notify all purchasers and prospective purchasers and all existing tenants in condominium conversions of such change.
G. 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.
(Ord. 2004-7-7E, 7-7-2004)