§1010.8. Scattered site subdivisions.
12 C.F.R. § 1010.8
The sale of lots in a subdivision consisting of noncontiguous parts is exempt from the registration requirements of the Act if:
Each noncontiguous part of the subdivision contains twenty or fewer lots; and
Each purchaser or purchaser's spouse makes a personal, on-the-lot inspection of the lot purchased prior to signing a contract.
For purposes of this exemption, interruptions such as roads, parks, small bodies of water or recreational facilities do not serve to break the contiguity of parts of a subdivision.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 5512, 5581; 15 U.S.C. 1718.
Source
Source: 76 FR 79489, Dec. 21, 2011, unless otherwise noted.