Sec. 1. Exemption for residential condominium units
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Section 1403 of the Interstate Land Sales Full Disclosure Act ( 15 U.S.C. 1702 ) is amended— in subsection (b)— in paragraph (7)(C), by striking or at the end; in paragraph (8)(G), by striking the period at the end and inserting ; or ; and by adding at the end the following: the sale or lease of a condominium unit that is not exempt under subsection (a). ; and by adding at the end the following: For purposes of subsection (b), the term condominium unit means a unit of residential or commercial property to be designated for separate ownership pursuant to a condominium plan or declaration provided that upon conveyance— the owner of such unit will have sole ownership of the unit and an undivided interest in the common elements appurtenant to the unit; and the unit will be an improved lot. .
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Sec. 1
Exemption for residential condominium units
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