Regulatory exemption—determination required.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) The subdivision or sales substantially meet the requirements of one of the exemptions available under this chapter. (2) 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 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. (iv) Contains a provision that obligates the developer to deliver to the purchaser within 180 days of the date the purchaser signed the sales contract, a warranty deed, or its equivalent under local law, which at the time of delivery is free from any monetary liens or encumbrances. (3) The purchaser or purchaser's spouse makes a personal on-the-lot inspection of the lot to be purchased before signing a contract. (4) The developer files a request for an exemption order and supporting documentation in accordance with paragraphs (c) and (d) of this section and submits a filing fee of $500.00 in accordance with § 1010.35(a) of this pa

official document · source cfr-2024 · id 12:§ 1010.16