{"data":{"id":"us-ut/utah-code-57-29-203","jurisdiction":"us-ut","citation":"Utah Code § 57-29-203","heading":"Required disclosures.","body":"(1) A sponsor or licensee who sells or offers to sell an undivided fractionalized long-term estate shall provide each prospective purchaser a written disclosure, related to the real property in which the undivided fractionalized long-term estate is offered, that:\n(a) if applicable:\n(i) includes a copy of any master lease agreement; and\n(ii) states whether the sponsor is the master lease tenant or an affiliate of the master lease tenant;\n(b) includes any material information that relates to a current lease or sublease that affects the real property in which the undivided fractionalized long-term estate is offered;\n(c) includes a copy of:\n(i) a tenants in common agreement; or\n(ii) an agreement that forms the substance of the undivided fractionalized long-term estate and includes a definition of the undivided fractionalized interest;\n(d) describes any improvements to the real property in which the undivided fractionalized long-term estate is offered;\n(e) includes a copy of any management agreement;\n(f) describes the relationship, if any, between each property manager and the sponsor; and\n(g) includes any additional information that an ordinarily prudent purchaser would consider material to deciding whether to purchase the undivided fractionalized long-term estate, as determined by the commission, with concurrence by the division, by rule in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.\n(2) A sponsor or licensee who sells or offers to sell an undivided fractionalized long-term estate shall provide the written disclosure described in Subsection (1) to the prospective purchaser before the prospective purchaser purchases the undivided fractionalized long-term estate.","path":["Title 57 Real Estate","Chapter 57-29 Undivided Fractionalized Long-term Estate Sales Practices Act","Part 57-29-2 License and Disclosure Requirements"],"source_url":"https://le.utah.gov/xcode/Title57/Chapter29/57-29-S203.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"73d261fae7c6c94d207bde4f2665fb8359fb32c6af6af1d29239c3aff34eeefe","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-57-29-202","next":"us-ut/utah-code-57-29-301"},"notice":"GroundRules: Original legal text. Not legal advice."}