Which document must be provided to a condominium purchaser?

Which document must be provided to a condominium purchaser?

• A. Purchase agreement only.
• B. Condominium buyer's handbook and disclosure statement.
• C. Title commitment only.
• D. Appraisal report.

Answer: (B)

In Michigan condo transactions, buyers must be given two specific documents to protect them with clear, upfront information about what they’re purchasing. The Condominium Buyer’s Handbook explains how the condo operates and what to expect from the homeowners association—things like monthly assessments, reserve funds, budget processes, rules, and the governing documents that will affect ownership. The Condominium Disclosure Statement lays out known facts about the condo and the HOA that could affect the decision to buy, such as the financial condition of the association, pending or threatened litigation, special assessments, and other material issues. This combination ensures the buyer has comprehensive, decision-making information before closing. Other documents—like the purchase agreement, title commitment, or an appraisal—fulfill different roles (contract terms, confirming title, or valuing the property) and are not the statutorily required disclosures for condo purchases.

In Michigan condo transactions, buyers must be given two specific documents to protect them with clear, upfront information about what they’re purchasing. The Condominium Buyer’s Handbook explains how the condo operates and what to expect from the homeowners association—things like monthly assessments, reserve funds, budget processes, rules, and the governing documents that will affect ownership. The Condominium Disclosure Statement lays out known facts about the condo and the HOA that could affect the decision to buy, such as the financial condition of the association, pending or threatened litigation, special assessments, and other material issues.

This combination ensures the buyer has comprehensive, decision-making information before closing. Other documents—like the purchase agreement, title commitment, or an appraisal—fulfill different roles (contract terms, confirming title, or valuing the property) and are not the statutorily required disclosures for condo purchases.