B. Sales to Owner-Occupants
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]