Contract requirements and revocation.

CFR · 2024-01-01 · US · Title 12

(a) In accordance with 15 U.S.C. 1703(d)(3), the refund to the purchaser is calculated by subtracting from the amount described in 15 U.S.C. 1703(d)(3)(B), the greater of: (1) Fifteen percent of the purchase or lease price of the lot (excluding interest owed) at the time of the default or breach of contract or agreement; or (2) The amount of damages incurred by the seller or lessor due to the default or breach of contract. (b) For the purposes of this section: (c) The contractual requirements of 15 U.S.C. 1703(d) do not apply to the sale of a lot for which, within 180 days after the signing of the sales contract, the purchaser receives a warranty deed or, where warranty deeds are not commonly used, its equivalent under state law.

official document · source cfr-2024 · id 12:§ 1011.4