Condominium development is governed by a statute with prescribed documents and consumer protections.
Master deed or declaration creating the regime, with the plans, the units described, the common and limited common elements, and the percentage interests.
Bylaws governing the association, and rules adopted under them.
Disclosure statement delivered to purchasers before a binding agreement, with prescribed content including the budget, the reserve analysis, the developer’s rights, and litigation. Purchasers typically have a rescission period after delivery.
Escrow of deposits pending closing, with statutory conditions on release.
Phasing. Expandable and convertible areas must be described with time limits for exercise, and unexercised rights lapse.
Developer control period. The developer appoints the board until defined thresholds of sales or a deadline, with statutory milestones requiring owner representation earlier.
Transition. Delivery of records, funds, plans, warranties, contracts and a reserve study; an independent audit; and an inspection of the common elements with a report on defects — which is when construction defect claims are usually identified.
Warranties. Statutory and contractual warranties on the units and the common elements, with distinct periods.