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What are the rules regarding pre-selling condos?

I have a building with 8 units in Maine on the water that I’m converting to condos. Are their rules about preselling before renovations are made? Are there any rules at all about preselling? I’m not new to development, but have never tried to presell. I’m aware of all my legal obligations to the existing tenants. What I’d really like to know about is whether I should just maintain a list of interested people, or should I try to go for Purchase and Sale agreements with contingencies for completion? Thanks for any help!!

It would probably be best to consult a local lender or real estate agent. The laws will vary state to state.

This entry was posted on Saturday, March 6th, 2010 at 5:23 am and is filed under new condos for sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “What are the rules regarding pre-selling condos?”

  1. sunshine_today on March 6th, 2010 at 11:12 am

    It would probably be best to consult a local lender or real estate agent. The laws will vary state to state.
    References :

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