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COMMON INTEREST OWNERSHIP bADDENDUMb 2025

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The document is an addendum to a Purchase and Sale Contract that outlines the requirements under Vermont's Common Interest Ownership Act. It specifies that the Seller must provide the Purchaser with necessary information regarding the property, including the homeowners' association's declaration and certificate. The Purchaser has the right to void the contract if this information is not provided within a specified timeframe. Additionally, it clarifies that the Seller is not liable for inaccuracies in the information provided by the homeowners' association.

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Click ‘Get Form’ to open the COMMON INTEREST OWNERSHIP ADDENDUM in the editor.
Begin by entering the date of the Purchase and Sale Contract at the top of the form. This establishes a clear reference point for all parties involved.
Fill in the names of both Seller and Purchaser, ensuring accuracy to avoid any potential disputes later on.
Provide the Property Location details, including Street and City/Town, which are essential for identifying the property in question.
In Section 2, indicate whether the Association Certificate has been provided to Purchaser by selecting 'Yes' or 'No'. If 'No', specify how many days after acceptance this information will be provided.
Review Section 4 carefully, as it outlines important legal rights regarding voiding the contract. Ensure that both parties understand these provisions.
Finally, have both Seller and Purchaser sign and date the document at the bottom to finalize it. This step is crucial for its validity.

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What is the Common Interest Ownership Act in CT?

Common Interest Ownership Act is a Connecticut General Statute that governs all Condominiums and Cooperative Associations. Otherwise known as CIOA, this statute protects the unit owners and guides the board of directors on how the associations must be governed.

What is the Home Ownership and Equity Protection Act in CT?

The Act, amending the Truth in Lending Act, establishes disclosure requirements and prohibits equity stripping and other abusive practices in connection with high-cost mortgages.

What is a common interest ownership?

Its one of a group of housing units where each homeowner owns their individual unit space, and all the dwellings share ownership of common use areas.

Who oversees condo associations in CT?

The Connecticut Department of Consumer Protection holds regulatory authority over condominium associations, overseeing community association manager registrations and handling frequently asked questions concerning community association management.

What is the Connecticut Common Interest Ownership Act?

passed by the Connecticut legislature on June 3, 1983, became the first state law in the United States to unify and modernize the law of common interest communities. This Act covers in a uniform manner the law of condominiums, real estate cooperatives, planned unit developments, and reciprocal easement regimes.

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