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June 2014 Archives

UPDATE: LIABILITY OF INDIVIDUAL PRINCIPALS OF CONDOMINIUM SPONSORS TO UNIT OWNERS FOR BREACH OF CONTRACT CLAIMS BASED ON THE PRINCIPALS' CERTIFICATIONS IN THE OFFERING PLAN

As previously discussed in a prior blog, pursuant to the Martin Act regulations, both the Architect for the condominium and the individual principals of the Sponsor are required to provide specific certifications in the Offering Plan. The regulations provide the exact wording of the certifications for both the Architect and the principals of the Sponsor. The purchase agreements between the Sponsor (usually a sole purpose entity such as an LLC) and the Unit Owners customarily provide that the terms of the Offering Plan are incorporated by reference into the purchase agreements.

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