Alabama § 35-8A-402 - Liability for Offering Statement Requirements.
Full text of Alabama Code of Alabama § 35-8A-402 — Liability for Offering Statement Requirements., with citation guidance and answers to common questions.
§ 35-8A-402. Liability for Offering Statement Requirements.
(a) Except as provided in subsection (b), a declarant, prior to the offering of any interest in a unit to the public, shall prepare an offering statement conforming to the requirements of Sections 35-8A-403 through 35-8A-406.
(b) A declarant may transfer responsibility for preparation of all or a part of the offering statement to a successor declarant specified in Section 35-8A-304 or to a person in the business of selling real estate who intends to offer units in the condominium for the offeror’s own account. In the event of any such transfer, the transferor shall provide the transferee with any information necessary to enable the transferee to fulfill the requirements of subsection (a).
(c) Any declarant or other person in the business of selling real estate who offers to a purchaser a unit for the offeror’s own account to whom such responsibility for preparation and delivery of an offering statement has been transferred shall deliver an offering statement in the manner prescribed in Section 35-8A-408(a) and is liable under Sections 35-8A-408 and 35-8A-414 for any false or misleading statement set forth therein or for any omission of material fact.
(d) If a unit is part of a condominium and is part of any other real estate regime in connection with the sale of which the delivery of an offering statement is required under the laws of this state, a single offering statement conforming to the requirements of Sections 35-8A-403 through 35-8A-406 as those requirements relate to each regime in which the unit is located and to any other requirements imposed under the laws of this state, may be prepared and delivered in lieu of providing two or more offering statements.
Frequently Asked Questions About Alabama § 35-8A-402
What does Code of Alabama § 35-8A-402 cover?
Section 35-8A-402 ("Liability for Offering Statement Requirements.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 35-8A-402?
A common citation format is "Code of Alabama § 35-8A-402" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 35-8A-402 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.