May 18, 2010
In our previous article, we discussed the general provisions, applicability and implications of failing to comply with the Interstate Land Sale Full Disclosure Act (ILSFDA or the Act). The article below details the extensive requirements of the Single Family Residence Exemption under the Act, which if a Developer complies with ALL of its requirements, exempts the Developer from the registration requirements but not the disclosure requirements, of the Act for those sales.
To qualify for the exemption, each of the following two separate subdivision requirements and eight separate lot eligibility requirements must be satisfied.
Any lot that does not meet ALL of the above requirements and otherwise falls under the jurisdiction of the Act, must either qualify for another exemption or comply with the requirements of the Act.
If you have any questions about the provisions of this exemption or the requirements of the Act, please contact a real estate attorney.
Please contact us if you have concerns or questions. For more information, visit our Greater Washington-Baltimore Region Transactional Real Estate practice.