At the earliest possible opportunity prior to the sale of all or part of any residential property consisting of two or more units of residential housing, each real estate broker or agent representing each owner of such property, or each owner of all or part of such property with a legible copy of the Tenants In Common General Information Statement as shall be prepared, and modified from time to time, by the City Manager, and approved by a resolution of the City Council. Such statement shall contain basic information concerning the general nature and characteristics of the ownership of an undivided interest in property coupled with agreements entitling a buyer to exclusive occupancy of designated units, discuss potential risks, and caution the potential buyer on such risks. Such statement also shall state that it is intended solely to provide general information, and that it is not intended as an attempt or undertaking by the City of Berkeley to provide specific legal and/or investment advice, and shall advise such buyer to seek legal and/or investment advice concerning the effects of the particular transaction on such buyer.

Where descriptions of the property for sale are made available to prospective buyers the General Information Statement shall also be made available and shall be displayed with equal prominence. In any event the statement shall be provided no later than upon the delivery of an offer to purchase. (Ord. 6024-NS § 2, 1990)