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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, by-laws, and an Association 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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What is the Common Interest Development Act?

The DavisStirling Common Interest Development Act is the popular name of the portion of the California Civil Code beginning with section 4000, which governs inium, cooperative, and planned unit development communities in California.

What is CIOA?

A unit owner is not liable to a purchaser for the failure or delay of the association to provide the certificate and documents in a timely manner, but the purchase contract is voidable by the purchaser until (1) the expiration of five days, excluding Saturdays, Sundays and legal holidays, after the certificate and

What are common ownership interests?

Common Ownership A common interest property, or community interest property, is real estate where the owner, by virtue of his ownership of a partial interest or unit, must pay for the maintenance, improvement, insurance of common areas described in a declaration and administered by an association.

What is the Common Interest Ownership Act in CT?

The Common Interest Ownership Act - (CIOA) This Act covers in a uniform manner the law of iniums, real estate cooperatives, planned unit developments, and reciprocal easement regimes.

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