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As soon as practicable before the transfer of title
for the first sale of a unit in a common interest development
which has been converted from an existing dwelling,
the owner, subdivider, or the agent for the owner or
subdivider must deliver to a prospective buyer a written
statement of defects. This statement must disclose all
substantial defects and malfunctions in the major systems
in the individual unit and the common area, as known
to the owner after a reasonable inspection. Major systems
include, but are not limited to, the roof, walls, floors,
heating, air conditioning, plumbing and electrical systems,
and recreational facilities.
After making the inspection, if the owner finds no
defects or malfunctions, the owner must provide a written
statement to the buyer disclaiming knowledge of any
defects or malfunctions.
If the required disclosure is delivered to the buyer
after the buyer has executed an offer to purchase, the
buyer has three days after personal delivery of the
disclosure statement or five days after delivery by
deposit in the mail to terminate the offer. The termination
must be by written notice to the owner, subdivider,
or the agent of the owner or subdivider. Any disclosure
delivered after the buyer has signed an offer to purchase
must contain a statement describing the buyer’s
right, methods, and time to rescind. Any person who
willfully fails to carry out the requirements of this
law will be liable for any actual damages suffered by
the buyer.
Civil Code Section 1134
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