A seller of residential real property that is subject to membership in a property owners' association is required to give a prospective purchaser a written notice. All of the following are true regarding the written notice EXCEPT
A) the notice must state that the purchaser would be obligated to be a member of the association.
B) the notice must be delivered to the purchaser before the effective date of the contract.
C) the notice must state failure to pay association assessments could result in a lien on and the foreclosure of the property.
D) the promulgated Addendum For Property Subject To Mandatory Membership In A Property Owners Association.
Answer: B) the notice must be delivered to the purchaser before the effective date of the contract.
If the notice is not delivered to the purchaser before the effective date of the contract, the purchaser may terminate the contract for any reason within the earlier of seven days after the date the purchaser receives the notice or the date of closing.
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