Note
Part heading reenacted by L 1992, c 50, pt of §2.
§514A-104 Apartment selection, requirements. (a) When the chronological system is used, the developer or the developer's real estate broker, as the case may be, shall offer the residential apartments that have been designated pursuant to section 514A-103 as follows:
(1) For thirty days from the date of the first published announcement or advertisement required under section 514A-102, the developer or developer's real estate broker shall offer the residential apartments that have been designated pursuant to section 514A-103 to prospective purchasers chronologically in the order in which they submit to the developer or the developer's real estate broker, a completed owner-occupant affidavit, an executed sales contract or reservation, and an earnest money deposit in a reasonable amount designated by the developer. The developer or the developer's real estate broker shall maintain at all times a sufficient number of sales contracts and affidavits for prospective owner-occupants to execute. Prospective purchasers who do not have the opportunity to select a residential apartment during the thirty-day period shall be placed on a back-up reservation list in the order in which they submit a completed owner-occupant affidavit and earnest money deposit in a reasonable amount designated by the developer;
(2) If two or more prospective owner-occupants intend to reside jointly in the same residential apartment, only one residential apartment designated pursuant to section 514A-103 shall be offered to them or only one of them shall be placed on the back-up reservation list;
(3) No developer, employee or agent of the developer, or any real estate licensee shall, either directly or through any other person, release any information or inform any prospective owner-occupant about the publication announcement or advertisement referred to in section 514A-102, including the date it is to appear and when the chronological system will be initiated, until after the announcement or advertisement is published; and
(4) The developer shall compile and maintain a list of all prospective purchasers that submit a completed owner-occupant affidavit, an executed sales contract or reservation, and an earnest money deposit, and maintain a back-up reservation list, if any. Upon the request of the commission, the developer shall provide a copy of the list of all prospective purchasers and the back-up reservation list.
(b) When the public lottery system is used, the developer or the developer's broker, as the case may be, shall offer the residential apartments that have been designated pursuant to section 514A-103 as follows:
(1) From the date of the first published announcement or advertisement required under section 514A-102 until five calendar days after the last published announcement or advertisement, the developer or developer's real estate broker shall compile and maintain a list of all prospective owner-occupants who have submitted to the developer or the developer's real estate broker a duly executed owner-occupant affidavit. All prospective owner-occupants on this list shall be included in the public lottery described in paragraph (2). The developer and the developer's real estate broker shall maintain at all times sufficient copies of affidavits for prospective owner-occupants to execute. Upon the request of the commission, the developer shall provide a copy of the lottery list of prospective owner-occupants;
(2) The developer or developer's real estate broker shall conduct a public lottery on the date, time, and location as set forth in the published announcement, or advertisement. Any person, including all prospective owner-occupants eligible for the lottery, shall be allowed to attend the lottery;
(3) The public lottery shall be conducted so that no prospective owner-occupant shall have an unfair advantage, and shall, as to all owner-occupants whose affidavits were submitted to the developer or the developer's real estate broker within the time period referred to in the first sentence of subsection (b)(1) above, be conducted without regard to the order in which the affidavits were submitted. If two or more prospective owner-occupants intend to reside jointly in the same residential apartment, only one of them shall be entitled to enter the public lottery; and
(4) After the public lottery, each prospective owner-occupant purchaser, in the order in which they are selected in the lottery, shall be given the opportunity to select one of the residential apartments that have been designated pursuant to section 514A-103, execute a sales contract, and submit an earnest money deposit in a reasonable amount designated by the developer. The developer shall maintain a list, in the order of selection, of all prospective purchasers selected in the lottery, and maintain a list of all prospective purchasers who selected one of the residential apartments designated pursuant to section 514A-103. Those prospective purchasers selected in the lottery who did not have the opportunity to select one of the residential apartments designated pursuant to section 514A-103 but who submitted an earnest money deposit in a reasonable amount designated by the developer shall be placed on a back-up reservation list in the order in which they were selected in the public lottery. Upon request of the commission, copies of the aforementioned lists shall be submitted. [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, §14; am L 2000, c 210, §5]
Section: Previous 514a-96 514a-97 514a-98 514a-99 514a-101 514a-102 514a-103 514a-104 514a-104.5 514a-104.6 514a-105 514a-106 514a-107 514a-107.5 514a-107.6 NextLast modified: October 27, 2016