The Public Offering Statement and Resale Package are important documents in transactions involving properties in common-interest communities (CICs), such as new units, resales, or properties with specific features like timeshares. Here's a breakdown of each concept:

Public Offering Statement:

This document is required when a property is a new unit in a CIC, a condominium hotel, or if the community has specific characteristics such as developmental rights, converted buildings, timeshare units, or registration with the SEC. It provides essential disclosures to the buyer about the property and community. The Public Offering Statement includes:

• Development rights of contractors (e.g., rights to expand or modify the community).
• Construction schedule (timelines for building completion).
• Description of proposed improvements (details about future enhancements).
• Information on mechanical and electrical installations.
• Details about initial or special fees (e.g., one-time costs or initiation fees).
• The number and identity of timeshare units, if applicable.

* The buyer is given five calendar days from signing the contract to cancel the purchase if they haven't personally inspected the unit. This provision must be clearly stated in the contract.

Resale Package:

For the resale of a unit previously sold by the developer, the resale package is crucial and must be provided at the seller’s expense. It includes:

• The declaration, bylaws, rules, and regulations of the community.
• Details on monthly assessments and any unpaid assessments (such as fines, fees, or penalties).
• The current operating budget, financial statement, and reserve summary.
• Information on any unsatisfied judgments or pending legal actions.
• A statement listing any transfer or transaction fees associated with the resale.

This package must also include a statement of unpaid obligations from the seller, although the law no longer allows the buyer or seller to rely solely on this statement for accuracy. The seller must obtain a statement of demand (detailed below) separately.

* If the resale package is not provided within 10 days after a request, the buyer is not liable for any delinquent assessments, and the buyer can cancel the contract within five calendar days of receiving the resale package.

Statement of Demand:

The statement of demand is a separate document that must be purchased by the seller and provided to the buyer. It includes all current outstanding assessments, fees, and unpaid obligations (like attorney’s fees or foreclosure fees) owed by the seller. This statement remains valid for at least 15 business days and ensures that once the amount is paid, no further claims can be made for the unpaid amounts listed.

In summary, these documents are essential for ensuring transparency in property transactions within CICs. The Public Offering Statement applies mainly to new units, while the Resale Package and Statement of Demand are relevant for resale transactions, ensuring that the buyer understands the financial and legal standing of the property.