B.  Sales
to Owner-Occupants



 



Revision Note



 



  The sections in this subpart enacted as §§514B-95.1 to
514B-95.11, are redesignated.



 



[§514B-95]  Definitions.  As used in
this subpart:



"Chronological system" means a system
in which the residential units 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 514B‑95.5.



"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 unit that,
simultaneous to such ownership, serves as the individual's principal residence,
as defined by the department of taxation, for a period of not less than three
hundred sixty-five consecutive days; provided that the individual shall retain
complete possessory control of the premises of the residential unit 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 unit 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 unit" means
"unit" as defined in section 514B‑3, but excludes:



(1)  Any unit intended for commercial use;



(2)  Any unit 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.



"Thirty-day period" or "thirty
days" means thirty full consecutive calendar days, including up to
midnight on the thirtieth day. [L 2005, c 93, pt of §4]