[§514B-89]  Sales contracts before
completion of construction.  If a sales contract for a unit is signed
before the completion of construction or, in the case of a conversion, the
completion of any repairs required to comply with section 514B‑5, the
sales contract shall contain an agreement of the developer that the completion
of construction shall occur on or before the completion deadline, and the
completion deadline shall be referenced in the developer's public report.  The
completion deadline may be a specific date, or the expiration of a period of
time after the sales contract becomes binding, and may include a right of the
developer to extend the completion deadline for force majeure as defined in the
sales contract.  The sales contract shall provide that the purchaser may cancel
the sales contract at any time after the specified completion deadline, if
completion of construction does not occur on or before the completion deadline,
as the same may have been extended.  The sales contract may provide additional
remedies to the purchaser if the actual completion of construction does not
occur on or before the completion deadline as set forth in the contract. [L
2005, c 93, pt of §4]