Common Interest Ownership Act (CIOA)
Connecticut's Common Interest Ownership Act governs condominiums and other community-association properties, which carry special disclosure obligations. This chapter covers what CIOA regulates and the resale disclosures a broker must ensure are delivered.
What CIOA Covers
The Common Interest Ownership Act (Connecticut General Statutes Chapter 828) governs the creation, governance, and sale of units in condominiums, planned communities, and cooperatives. It sets rules for declarations, owners' associations, assessments, and the information buyers must receive. Brokers who handle these properties need to understand CIOA because it shapes both the documents and the disclosures in the transaction.
Resale Certificate and Disclosures
Under CIOA, a buyer of a resale unit is generally entitled to a resale certificate or disclosure package containing association budgets, assessments, reserves, rules, and any pending special assessments or litigation. The buyer typically has a statutory window to review the materials and cancel. Brokers must ensure this package is delivered on time so the buyer can evaluate the community's obligations and financial health.
Common Charges and Buyer Decisions
Monthly common charges (association dues) are a recurring cost of owning a unit and can affect affordability and mortgage qualification. Brokers should accurately disclose the amount, what it covers, and any planned special assessments. Honest disclosure supports informed buyer decisions and protects the broker from misrepresentation claims, consistent with CIOA's consumer-protection purpose.