Metropolitan Statistical Area (MSA) exemption.

CFR · 2024-01-01 · US · Title 12

(a) (1) The lot is in a subdivision which contains fewer than 300 lots and has contained fewer than 300 lots since April 28, 1969. (2) The lot is located within a Metropolitan Statistical Area (MSA) as defined by the Office of Management and Budget and characterized in paragraph (b) of this section. (3) The principal residence of the purchaser is within the same MSA as the subdivision. (4) The purchaser or purchaser's spouse makes a personal on-the-lot inspection of the lot to be purchased prior to signing a contract or agreement. (5) 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; (iii) Contains a nonwaivable 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, or, 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. (6) The lot being sold must be free and clear of liens such as mortgages, deeds of trust, tax liens, mechanics' liens, or judgments. For purposes of this exemption, the term (i) Mortgages or deeds of trust which contain releas

official document · source cfr-2024 · id 12:§ 1010.13