§ 1010.5. Statutory exemptions.
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/us/cfr/t12/s§ 1010.5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A listing of the statutory exemptions is contained in 15 U.S.C. 1702. In accordance with 15 U.S.C. 1702(a)(2), if the sale involves a condominium or multi-unit construction, a presale clause conditioning the sale of a unit on a certain percentage of sales of other units is permissible if it is legally binding on the parties and is for a period not to exceed 180 days. However, the 180-day provision cannot extend the 2-year period for performance. The permissible 180 days is calculated from the date the first purchaser signs a sales contract in the project or, if a phased project, from the date the first purchaser signs the first sales contract in each phase. [81 FR 29116, May 11, 2016]
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§ 1010.5
Statutory exemptions.
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