Intrastate exemption.

CFR · 2024-01-01 · US · Title 12

(a) (1) The sale of lots in the subdivision after December 20, 1979, is restricted solely to residents of the state in which the subdivision is located unless the (2) The purchaser or purchaser's spouse makes a personal on-the-lot inspection of the lot to be purchased before signing a contract. (3) Each contract: (i) Specifies the developer's and purchaser's responsibilities for providing and maintaining roads, water and sewer facilities and any existing or promised amenities; (ii) Contains a good faith estimate of the year in which the roads, water and sewer facilities and promised amenities will be completed; and (iii) Contains a non-waivable provision giving the purchaser the opportunity to revoke the contract until at least midnight of the seventh calendar day following the date the purchaser signed the contract. If the purchaser is entitled to a longer revocation period by operation of state law, that period becomes the Federal revocation period and the contract must reflect the requirements of the longer period. (4) The lot being sold is free and clear of all liens, encumbrances and adverse claims except the following: (i) Mortgages or deeds of trust which contain release provisions for the individual lot purchased if: (A) The contract of sale obligates the developer to deliver, within 180 days, a warranty deed (or its equivalent under local law), which at the time of delivery is free from any monetary liens or encumbrances; and (B) The purchaser's payments are deposite

official document · source cfr-2024 · id 12:§ 1010.12