WILLIAM DONALD SCHAEFER, Governor                        Ch. 5

(a)  A contract for the initial sale of a unit to a member
of the public is not enforceable by the vendor unless:

(1) The purchaser is given on or before the time a
contract is entered into between the vendor and the purchaser, a
public offering statement as amended and registered with the
Secretary of State containing all of the information set forth in
subsection (b) OF THIS SECTION; and

(b)  The public offering statement required by subsection
(a) OF THIS SECTION shall be sufficient for the purposes of this
section if it contains at least the following:

(1)  A copy of the proposed contract of sale for the

unit;

(2)  A copy of the proposed declaration, bylaws, and
rules and regulations;

(3)  A copy of the proposed articles of incorporation
of the council of unit owners, if it is to be incorporated;

(4)  A copy of any proposed management contract,
insurance contract, employment contract, or other contract
affecting the use of, maintenance of, or access to all or part of
the condominium to which it is anticipated the unit owners or the
council of unit owners will be a party, and a statement of the
right of the council of unit owners to terminate contracts
entered into during the developer control period under § 11-133
of this [article] TITLE;

(5)  A copy of the actual annual operating budget for
the condominium or, if no actual operating budget exists, a copy
of the projected annual operating budget for the condominium
including reasonable details concerning:

(i) The estimated monthly payments by the
purchaser for assessments;

(ii) Monthly charges for the use, rental, or
lease of any facilities not part of the condominium;

(iii) The amount of the reserve fund for repair
and replacement and its intended use; and

(iv) Any initial capital contribution or

similar fee, other than assessments for common expenses, to     be

paid by unit owners to the council of unit owners or vendor,   and
a statement of how the fees will be used;

(6)  A copy of any lease to which it is anticipated
the unit owners or the council of unit owners will be a party
following closing;

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