QUESTION: The Davis-Stirling Act requires that an association maintain documents for owners. Section 1368 requires the seller to turn over some of those documents in a resale transaction. Do commercial sellers and associations have the same requirement?

ANSWER: As you noted, residential sellers are required to produce governing documents, financial statements, a schedule of assessments, a list of defects, and make other disclosures as provided for in Civil Code 1368. Commercial and industrial condos, however, are exempt from these Davis-Stirling requirements. Civil Code 1373. The legislature decided that buyers of industrial and commercial condos do not need the same level of protection as home buyers.