Bill > SB2229

This bill establishes comprehensive disclosure requirements for sellers when selling a property governed by a homeowners' association (HOA) or condominium project in North Dakota. Sellers must provide potential buyers with detailed written documentation within ten days of executing a sale agreement, including financial information such as periodic assessments, maintenance fees, special assessments, and current budgets; organizational documents like bylaws, meeting minutes, and rules; insurance coverage details; information about pending lawsuits or judgments; leasing restrictions; amenities; and contact information for the HOA or property management. The bill mandates that these documents cover at least the past 90 days and requires the HOA or condominium project to provide requested documents within ten days, potentially charging a reasonable fee. Importantly, the legislation protects sellers and their agents from liability for disclosed information, limits a buyer's financial responsibility to the amounts stated in provided documents, and allows buyers to void the purchase contract if documents are not received in a timely manner. Additionally, sellers must disclose any material changes to the information between document delivery and property closing, ensuring transparency in real estate transactions involving HOAs or condominiums.

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https://ndlegis.gov/assembly/69-2025/regular/bill-overview/bo2229.html