Title 12 Part 1010 → Subpart A → §1010.5

Title 12 → Chapter X → Part 1010 → Subpart A → §1010.5

Electronic Code of Federal Regulations e-CFR

Title 12 Part 1010 → Subpart A → §1010.5

e-CFR data is current as of January 16, 2020

Title 12Chapter XPart 1010Subpart A → §1010.5

Title 12: Banks and Banking
Subpart A—General Requirements

§1010.5   Statutory exemptions.

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]