Condominium Act of 1979

[AI summary unavailable — showing source text] Condominium Act of 1979 - Title I: Findings and Purpose - States that abuses in the condominium industry have created a need for the establishment of national standards for consumer protection. Title II: Defines the terms used in this Act. Exempts from the terms of this Act condominium projects in which the units are restricted to non-residential uses and projects sold by a governmental agency. Makes any developer or agent liable for any fraudulent acts committed in connection with a sale or offer to sell a condominium unit. Voids any provision in existing or future leases or management agreements which require owners to reimburse the developer for attorney's fees or money judgments. Grants the purchaser of a unit the right to cancel the sales contract within 15 days after signing the contract or after receiving the disclosure material, whichever is later. Sets forth national standards for consumer protection which must be followed by condominium developers, including: (1) placing any deposit made in connection with a reservation or sale of a unit in a trust or escrow; (2) terminating the right to control the owners association within five years; (3) refraining from displaying any …