27A V.S.A. (Uniform Common Interest Ownership Act)
Vermont's Uniform Common Interest Ownership Act, Title 27A, is the general statute for condominiums and other common interest communities of 12 or more residential units created in Vermont after January 1, 1999, and it can also be adopted by amendment for older communities. It governs creation of the declaration and plats, association organization and governance, budgets and common expense assessments, association records, purchaser protections including public offering statements, and the resale certificate an owner and association must provide when a unit is sold.
27A V.S.A. 4-109 (Resales of units)
Unless a public offering statement is required or the sale is exempt under 4-101(b), a unit owner furnishes the purchaser, before conveyance or transfer of the right of possession, whichever is earlier, the declaration (without plats and plans), the bylaws, the rules, and a certificate with twelve items: restraints on alienation held by the association; the periodic common expense assessment and any unpaid common or special assessment due from the seller; other fees payable by the owner; reserves and their designated portions; the most recent balance sheet and income and expense statement; the current operating budget; unsatisfied judgments and pending suits in which the association is a defendant; the amount of insurance for the benefit of unit owners; alterations to the unit or its limited common elements that violate the declaration within the board's knowledge; health or building code violations within the knowledge of the board or managing entity; any leasehold term; and any declaration restrictions on what an owner may receive on sale, condemnation, casualty, or termination. The association furnishes the certificate within 10 days after the unit owner's request; no fee is stated. The purchaser is not liable beyond the amounts set forth; the seller is not liable for the association's errors or delay, but the purchase contract is voidable by the purchaser until the certificate is provided and for five days after. Applies to communities created before January 1, 1999 as well, for later events (1-204), except the small planned communities 1-203 leaves outside the title.
Official text27A V.S.A. 3-116 (Lien for assessments; statement of unpaid assessments)
Gives the association a lien on a unit for assessments from the time they become due, with the Uniform Act's priority, perfection, and foreclosure rules. On a request made in a record the association must furnish a unit owner a statement of the unpaid assessments against the unit within 10 business days, in recordable form where the owner's interest is real estate, binding on the association, the executive board, and every unit owner. No fee is stated. Applies to communities created before January 1, 1999 as well, for later events (1-204).
Official text27A V.S.A. 1-203 (Exception for small planned communities)
A planned community of no more than 24 units that is not subject to development rights, or one whose declaration caps the average annual residential common expense liability at $300 as indexed under 1-115, is subject only to sections 1-105, 1-106, and 1-107 unless its declaration adopts the whole title. Such a community has no statutory resale certificate or statement of unpaid assessments and issues under its governing documents; a pre-1999 planned community of the same size may amend its declaration to opt in (1-204(b)).
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