---
kind: "section"
citation: "12 C.F.R. § 1010.5"
title: "12"
number: "1010.5"
heading: "Statutory exemptions."
url: "https://uscodex.org/cfr/12/1010.5"
---

# §1010.5. Statutory exemptions.


A listing of the statutory exemptions is contained in [15 U.S.C. 1702](/usc/15/1702.md). In accordance with [15 U.S.C. 1702(a)(2)](/usc/15/1702.md?p=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.


## Notes

### Amendments

[81 FR 29116, May 11, 2016]

### Authority

Authority: 12 U.S.C. 5512, 5581; 15 U.S.C. 1718.

### Source

Source: 76 FR 79489, Dec. 21, 2011, unless otherwise noted.

### Amendments

[81 FR 29116, May 11, 2016]