The definitions set out in G.S. 47A-3 also apply to this Article. As used in this Article, unless the context requires otherwise, the term:
(1) “Conversion building” means a building that at any time before creation of the
condominium was occupied wholly or partially by persons other than purchasers and
persons who occupy with the consent of purchasers.
(2) “Declarant” means any person or group of persons acting in concert who, as part
of a common promotional plan, offers to dispose of his or its interest in a unit not
previously disposed of.
(3) “Dispose” or “disposition” means a voluntary transfer to a purchaser of any legal
or equitable interest in a unit, but does not include the transfer or release of a
(4) “Offering” means any advertisement, inducement, solicitation, or attempt to encourage
any person to acquire any interest in a unit, other than as security for an obligation.
(5) “Residential purposes” means use for dwelling or recreational purposes, or both.
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