SECTION 1. Exemption for Residential Condominium Units.
Exemption.— Section 1403 of the Interstate Land Sales Full Disclosure Act (15 U.S.C. 1702) is amended—
in subsection (b)—
in paragraph (7)(C), by striking “ or” at the end;
in paragraph (8)(G), by striking the period at the end and inserting “ ; or”; and
by adding at the end the following:
“(9) the sale or lease of a condominium unit that is not exempt under subsection (a).”
; and
by adding at the end the following:
“(d) For purposes of subsection (b), the term ‘condominium unit’ means a unit of residential or commercial property to be designated for separate ownership pursuant to a condominium plan or declaration provided that upon conveyance—
“(1) 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
“(2) the unit will be an improved lot.”