PART VI. 
SALES TO OWNER-OCCUPANTS



 



Note



 



  Part heading reenacted by L 1992, c 50, pt of §2.



 



§514A-101  Definitions.  As used in this
part:



"Chronological system" means a system
in which the residential apartments designated for sale to prospective owner-occupants
are offered for sale to prospective owner-occupants in the chronological order
in which the prospective owner-occupants deliver to the developer or the
designated real estate broker completed owner-occupant affidavits, executed
sales contracts or reservations, and earnest money deposits.



"Initial date of sale" means the date
of the first publication of the announcement or advertisement pursuant to
section 514A-102.



"Lottery system" means a system in
which no prospective owner-occupant has an unfair advantage in the
determination of the order in which residential units designated for sale to
prospective owner-occupants are offered for sale because the order is
determined by a lottery.



"Owner-occupant" means any individual
in whose name sole or joint legal title is held in a residential apartment
which, simultaneous to such ownership, serves as the individual's principal
residence, as defined by the state department of taxation, for a period of not
less than three hundred sixty-five consecutive days; provided that the
individual retains complete possessory control of the premises of the
residential apartment during this period.  An individual shall not be deemed to
have complete possessory control of the premises if the individual rents,
leases, or assigns the premises for any period of time to any other person in
whose name legal title is not held; except that an individual shall be deemed
to have complete possessory control even when the individual conveys or
transfers the apartment into a trust for estate planning purposes and continues
in the use of the premises as the individual's principal residence during this
period.



"Residential apartment" means
"apartment" as defined in section 514A-3, but excludes:



(1)  Any apartment intended for commercial use;



(2)  Any apartment designed and constructed for hotel
or resort use that is located on any parcel of real property designated and
governed by a county for hotel or resort use pursuant to section 46-4; and



(3)  Any other use pursuant to authority granted by
law to a county. [L 1980, c 189, pt of §2; am L 1985, c 164, §5; am L 1992, c
50, pt of §2; am L 1997, c 135, §12; am L 2000, c 210, §2]



 



Note



 



  Section 514A-3 referred to in the definition of
"residential apartment" is repealed.