AN ACT to create and enact a new section to chapter 47-10 of the North Dakota Century Code, relating to required disclosures before the sale of a condominium unit or a property subject to a homeowners' association or a condominium project.

SB 2229 requires sellers of condominium units or properties in homeowners' associations (HOAs) or condominium projects in North Dakota to provide prospective buyers with specific written disclosures about the property's financial and operational status. Key disclosures include current fees, unpaid assessments, reserve funds, bylaws, meeting minutes, insurance documents, pending lawsuits, and leasing restrictions. Sellers must provide these documents within ten days of signing a sales agreement, and buyers can void the contract if required documents aren't delivered on time. The bill aims to ensure transparency about ongoing financial obligations and association rules before a sale is finalized.