Selling Guide

Published April 07, 2021

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What are the differences between an established condo project and a new condo project?

Project Types

Project Type Identification Criteria
Established condo project A project for which all of the following are true:
  • at least 90% of the total units in the project have been conveyed to unit purchasers;
  • the project is 100% complete, including all units and common elements;
  • the project is not subject to additional phasing or annexation; and
  • control of the HOA has been turned over to the unit owners.

A project may also be treated as an established project with less than 90% of the units sold to unit purchasers, provided the deficit is the result of the developer holding back units for rent. The following requirements must be met:

  • construction is 100% complete;
  • the project is not subject to any additional phasing or annexation, and the HOA has been turned over to the unit owners;
  • the developer’s share of the units held back for rental is no more than 20% of the project’s total units;
  • HOA fees are paid current in developer-held units; and
  • there are no active or pending special assessments in the project.
New condo project A project for which one or more of the following is true:
  • fewer than 90% of the total units in the project have been conveyed to unit purchasers (or 80% if it meets the exception noted in the row above);
  • the project is not fully completed, such as proposed construction, new construction, or the proposed or incomplete conversion of an existing building to a condo;
  • the project is newly converted;
  • the project is subject to additional phasing or annexation; or
  • HOA still in the developers control.

For additional information, see B4-2.1-01, General Information on Project Standards.

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