Utah § 57-29-203 - Required disclosures.

Full text of Utah Utah Code § 57-29-203 — Required disclosures., with citation guidance and answers to common questions.

§ 57-29-203. Required disclosures.

Effective 5/10/2016
57-29-203.  Required disclosures.
(1) A sponsor or licensee who sells or offers to sell an undivided fractionalized long-term estate shall provide each prospective purchaser a written disclosure, related to the real property in which the undivided fractionalized long-term estate is offered, that:
(a) if applicable:
(i) includes a copy of any master lease agreement; and
(ii) states whether the sponsor is the master lease tenant or an affiliate of the master lease tenant;
(b) includes any material information that relates to a current lease or sublease that affects the real property in which the undivided fractionalized long-term estate is offered;
(c) includes a copy of:
(i) a tenants in common agreement; or
(ii) an agreement that forms the substance of the undivided fractionalized long-term estate and includes a definition of the undivided fractionalized interest;
(d) describes any improvements to the real property in which the undivided fractionalized long-term estate is offered;
(e) includes a copy of any management agreement;
(f) describes the relationship, if any, between each property manager and the sponsor; and
(g) includes any additional information that an ordinarily prudent purchaser would consider material to deciding whether to purchase the undivided fractionalized long-term estate, as determined by the commission, with concurrence by the division, by rule in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
(2) A sponsor or licensee who sells or offers to sell an undivided fractionalized long-term estate shall provide the written disclosure described in Subsection (1) to the prospective purchaser before the prospective purchaser purchases the undivided fractionalized long-term estate.


Enacted by Chapter 381, 2016 General Session

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Frequently Asked Questions About Utah § 57-29-203

What does Utah Code § 57-29-203 cover?

Section 57-29-203 ("Required disclosures.") is part of the Utah Code, the codified statutory law of Utah. 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 Utah § 57-29-203?

A common citation format is "Utah Code § 57-29-203" (Utah). 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 Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 57-29-203 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah 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 Utah.