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1999 SESSION

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HB 2534 Condominium Act; conveyance of units not yet completed.

Introduced by: Alan A. Diamonstein | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Condominium Act; conveyance of units not yet completed. Conforms the Condominium Act to the Real Estate Time-Share Act in allowing for the conveyance of a time-share interest in a condominium unit that has not been substantially completed. In this instance, the bill requires the developer to post, with the Real Estate Board, a completion bond for 100 percent of the cost of completion of the unit. The bill also requires disclosure of the not-yet-complete status of the unit as well as the existence of the completion bond to the purchaser of the time-share interest. The bill contains technical amendments.


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