In this Part a reference to the transfer of a commonhold unit is a reference to the transfer of a unit-holder's freehold estate in a unit to another person—
whether or not for consideration,
whether or not subject to any reservation or other terms, and
whether or not by operation of law.
A commonhold community statement may not prevent or restrict the transfer of a commonhold unit.
On the transfer of a commonhold unit the new unit-holder shall notify the commonhold association of the transfer.
Regulations may—
prescribe the form and manner of notice under subsection (3);
prescribe the time within which notice is to be given;
make provision (including provision requiring the payment of money) about the effect of failure to give notice.