RELATING TO RESIDENTIAL CONDOMINIUMS.
What changed between versions
Expanded the definition of 'owner-occupied residential use' to explicitly include the renting or subleasing of units by the owner.
Changed the requirement for unsold units from 'up to forty per cent' to 'up to forty per cent' if units remain unsold after sixty days, removing the word 'there' for clarity.
Adjusted the owner-occupation restriction period from 'not less than ten years' to 'no less than ten years' to ensure consistency in statutory language.
Added an exception to the owner-occupation restriction, allowing sales to qualified residents under specific conditions outlined in section 206E-283(e).
Clarified that the owner-occupation restriction does not apply to design, development, and construction contracts.
Extended the effective date of the Act from July 1, 2050, to July 1, 3000.