Vermont § 4-102 - Liability for public offering statement requirements

§ 4-102. Liability for public offering statement requirements

• (a) Except as otherwise provided in subsection (b) of this section, a declarant shall
  prepare a public offering statement conforming to the requirements of sections 4-103, 4-104, 4-105, and 4-106 of this title before offering any interest in a unit to the public. (b) A declarant may transfer responsibility for preparation of all or a part of the public
  offering statement to a successor declarant or to a dealer who intends to offer units
  in the common interest community. 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) of this section. (c) Any declarant or dealer who offers a unit to a purchaser shall deliver a public offering
  statement in the manner prescribed in subsection 4-103(a) of this title. The declarant who prepared all or a part of the public offering statement is liable
  under section 4-117 of this title for any false or misleading statement stated in it or for any omission of material
  fact therefrom. (d) If a unit is part of a common interest community and is part of any other real estate
  regime in connection with the sale of which the delivery of a public offering statement
  is required under the laws of this state, a single public offering statement conforming
  to the requirements of sections 4-103, 4-104, 4-105, and 4-106 of this title, as they relate to each regime in which the unit is located, and to any other requirements
  imposed by law may be prepared and delivered in lieu of providing two or more public
  offering statements. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 43, eff. Jan. 1, 2012.)