What document must a condominium developer provide when converting an apartment building into condominiums?

A condominium developer is required to provide a condominium buyer's handbook and disclosure statement when converting an apartment building into condominiums. This requirement is in place to ensure that potential buyers are fully informed about the property and the condominium ownership structure. The buyer's handbook typically outlines the rights and responsibilities of the condominium owners, as well as the rules governing the condominium association. The disclosure statement includes important information about the property, such as the financial status of the condominium association, any existing liens, and details of the building's management.

While a financial statement might provide useful information regarding the financial health of the condominium association, it does not give a complete picture of the ownership experience. Similarly, a brochure detailing the community may provide general information about amenities and neighborhood features but lacks the legally required details about ownership and responsibilities. A property management agreement could be relevant to how the condominium is managed, but it does not inform prospective buyers about the specifics of their rights and obligations as condominium owners. Thus, providing the buyer's handbook and disclosure statement is essential to protect the interests of the buyers and ensure transparency in the purchase process.