§514B-98  Sale of residential units;
developer requirements.  (a)  The developer may go to sale using either a
chronological system or a lottery system at any time after issuance of an
effective date for a developer's public report.



(b)  For a thirty-day period following the
initial date of sale of units in a condominium project, at least fifty per cent
of the units being sold shall be offered for sale only to prospective
owner-occupants; provided that notwithstanding this subpart, in the case of a
project that includes one or more existing structures being converted to
condominium status, each residential unit contained in the project first shall
be offered for sale to any individual occupying the unit immediately prior to
the conversion and who submits an owner-occupant affidavit and an earnest money
deposit in a reasonable amount designated by the developer.



(c)  Each contract for the purchase of a
residential unit by an owner-occupant may be conditioned upon the purchaser
obtaining adequate financing, or a commitment for adequate financing.  If the
sales contract is canceled, the developer shall re-offer the residential unit
first to prospective owner-occupants on the back-up reservation list described
in section 514B‑96.5, in the order in which the names appear on the
reservation list; provided that the prospective owner-occupant shall not have
already executed a sales contract or reservation for a residential unit in the
project.



(d)  At any time, any prospective
owner-occupant on the back-up reservation list may be offered any residential
unit in the project that has not been sold or set aside for sale to prospective
owner-occupants. [L 2005, c 93, pt of §4; am L 2006, c 273, §13]