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Condominiums

condominium Unit

Interstate Land Sales Full Disclosure Act Amendment

The Public Law 113-167, 128 Stat. 1882 (2014) amended the Interstate Land Sales Full Disclosure Act (ILSA). This Interstate Land Sales Full Disclosure Act amendment was signed by the President on September 26, 2014. It became effective on March 25, 2015, and is codified primarily at 15 U.S.C. 1702(b)(9) and (d).

The amendment exempts from Interstate Land Sales Full Disclosure Act’s registration and disclosure requirements the sale or lease of a condominium unit that is not exempt under 15 U.S.C. 1702(a). Under 15 U.S.C. 1702(d), a “condominium unit” is defined for purposes of this new exemption as: 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.

Pursuant to § 1010.4(d) of the Consumer Financial Protection Bureau’s Interstate Land Sales Full Disclosure Act regulations, eligibility for an exemption under 15 U.S.C. 1702, including the exemption of section 1702(b)(9), is self-determining, and a developer is not required to file notice with or obtain the approval of the Consumer Financial Protection Bureau in order to take advantage of an exemption. Section 1010.4(d) also provides that a developer is responsible for maintaining records to demonstrate that the requirements of an exemption have been met if a developer elects to take advantage of an exemption.

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  • Article Name: Condominiums
  • Author: Cheri Esparza
  • Description: Condominiums condominium Unit Interstate Land Sales Full Disclosure Act Amendment The Public Law 113-167, 128 Stat. 1882 [...]

This entry was last updated: June 21, 2017

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