(a) Sale of cooperative interest.--In the case of a sale of a cooperative interest where delivery of a public offering statement is required pursuant to section 4402(c) (relating to public offering statement; requirements), a seller shall, before conveying a cooperative interest, record or furnish to the purchaser releases of all liens affecting that cooperative interest and underlying real estate, unless the public offering statement discloses the amount of the real estate encumbered by and the effect of a default under a lien not being released or unless the purchaser expressly agrees to take subject to or assume liens not being released.
(b) Conveyance to association.--Before conveying real estate to the association, the declarant shall have that real estate released from liens, including, without limitation, real estate taxes, on that real estate unless the public offering statement discloses the amount of the real estate encumbered by and the effect of a default under a lien not being released.
(Oct. 19, 2018, P.L.551, No.84, eff. 60 days)
2018 Amendment. Act 84 amended subsec. (b).
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