Developers and Builders Beware: Tips From an Association Attorney

In 1994, the Minnesota Legislature adopted Minnesota Statutes Chapter 515B, the Minnesota Common Interest Ownership Act (often referred to as “MCIOA” or “Chapter 515B”). Chapter 515B governs most townhome and condominium developments created after adoption of the chapter. Chapter 515B requires certain developers and/or builders of a townhome or condominium project to provide to any buyer a disclosure statement when a unit is sold to the buyer. A disclosure statement basically requires disclosure of material matters regarding the development. The disclosure statement has been required since inception of Chapter 515B and is not generally noteworthy or a change to common practice. However, it is noteworthy that due to a recent legislation error, most builders and developers are unaware that they may also be required to..

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