I’m a co-developer in a project, am I responsible for units owned by the other developers?
Yes. Developers in a project are responsible for all units in the project until all units are sold. Developers, particularly in smaller projects who only contributed a portion of the total property who then proceed to sell the unit they were living in, may reduce their future developer obligations and liabilities through a series of steps. These steps require updating the Developer’s Public Report disclosing their removal as a developer and recording an instrument that transfers their developer rights to the remaining developer(s) or someone else assuming their role as developer.
Revised 1/25/19