Unlawful sales practices—regulatory provisions.

CFR · 2024-01-01 · US · Title 12

In selling, leasing or offering to sell or lease any lot in a subdivision it is an unlawful sales practice for any developer or agent, directly or indirectly, to: (a) Give the Property Report to a purchaser along with other materials when done in such a manner so as to conceal the Property Report from the purchaser. (b) Give a contract to a purchaser or encourage him to sign anything before delivery of the Property Report. (c) Refer to the Property Report or Offering Statement as anything other than a Property Report or Offering Statement. (d) Use any misleading practice, device or representation which would deny a purchaser any cancellation or refund rights or privileges granted the purchaser by the terms of a contract or any other document used by the developer as a sales inducement. (e) Refuse to deliver a Property Report to any person who exhibits an interest in buying or leasing a lot in the subdivision and requests a copy of the Property Report. (f) Use a Property Report, note, contract, deed or other document prepared in a language other than that in which the sales campaign is conducted, unless an accurate translation is attached to the document. (g) Deliberately fail to maintain a sufficient supply of restrictive covenants and financial statements or to deliver a copy to a purchaser upon request as required by §§ 1010.109(f), 1010.112(d), 1010.209(g), and 1010.212(i). (h) Use, as a sales inducement, any representation that any lot has good investment potential or wil

official document · source cfr-2024 · id 12:§ 1011.20