(a) General rule.--The
public offering statement of a planned community containing a conversion
building must contain, in addition to the information required by section
5402 (relating to public offering statement; general provisions):
(1) A statement by
the declarant, based on a report prepared by an independent registered architect
or professional engineer:
(i) Describing the
age and present condition and, if known or reasonably ascertainable, the
dates of construction, installation and major repairs of all structural
components and mechanical and electrical installations, including, but not
limited to, roofs, plumbing, heating, air conditioning, elevators, storm
water systems and sewage treatment systems material to the use and enjoyment
of the planned community.
(ii) Describing the
results of the inspection of the units and common elements required pursuant
to section 5411(c) (relating to warranty against structural defects) for
visible conditions that adversely affect the health or safety of residential
occupants. The statement should also state the extent to which the report
by the architect or professional engineer is based upon a visual inspection
of the units as well as the common elements.
(2) A statement
by the declarant of the expected useful life of each item reported on in
paragraph (1), including the current replacement costs of such item.
(3) A list of any
outstanding notices of uncured violations of building codes or other municipal
regulations, together with the estimated cost of curing those violations.
(4) A statement
by the declarant, based on a report prepared by an independent licensed
exterminating company, describing the presence at the planned community
of any visible pest conditions dangerous to health and safety, such as the
presence of insects and rodents dangerous to health or safety, and outlining
actions taken or to be taken to eliminate the existence of pest conditions
dangerous to health or safety.
(b) Applicability of section.--This section applies only to units that
may be occupied for residential use.
