Condominium Consumer Protection Act

[AI summary unavailable — showing source text] Condominium Consumer Protection Act - Stipulates that it shall be unlawful for any developer or agent, directly or indirectly, to make use of any means or instruments of transportation or communication in interstate commerce, or of the mails, to sell or offer to sell any condominium unit in a condominium project unless such developer or agent complies with provisions of this Act. Provides that any contract or agreement for the purchase or leasing of a condominium in a project covered by this Act, shall be voidable at the option of the purchaser for a specified period of time. Stipulates that a sale or offer to sell a condominum unit in a condominium project which is subject to this Act may be made only if: (1) any deposit or downpayment will be held in trust or escrow pursuant to regulations of the Secretary of Housing and Urban Development until delivered at settlement or returned to, or otherwise credited to, the purchaser, or forfeited; (2) except in his capacity as an owner of unsold condominium units, the developer or agent will not retain an interest in any common element (including any recreational area or facility) after control of the condominium project is assumed by the …