To whom is the public offering statement typically given?

The public offering statement is a crucial document in real estate, particularly in common-interest developments like condominiums or planned communities. This document provides detailed information about the property for prospective buyers, including disclosures about the community, governance, and the rights and responsibilities of homeowners.

Typically, the statement is initially given to the original homeowner when they purchase property within a new development. This ensures that they have all necessary information about the community structure, regulations, fees, and any restrictions before making their purchase decision. By providing the public offering statement at the point of sale, developers help to foster transparency and informed decision-making among buyers.

In contrast, options that mention resale packages typically refer to documents provided for secondary sales after the initial purchase. While such documents may include similar information or disclosures, they are not the public offering statement itself, which is fundamentally tied to the original sale. Additionally, while the Real Estate Division approves the public offering statement, this does not mean it is given directly to buyers by them, making it primarily relevant to the developer's obligations.