The Minnesota Common Interest Ownership Act (Statute 515.B) which governs Brandychase at Shepard Park Condominiums requires that a Resale Disclosure Certificate be provided by the Association to a prospective buyer after they have signed a purchase agreement. The Statute gives the buyer a ten-day rescission period after receiving the Certificate, unless the purchaser agrees to waive the 10-day period, which they can’t do until after receiving the Certificate. The purpose of providing this information to prospective buyers is so that they will be more informed about the Association’s financial health, insurance coverages, any architectural violations involving the townhome they are buying, etc.

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