1、65 Office of Asst. Sec. for Housing, HUD Pt. 1715 Cover Page must reflect the longer pe-riod, rather than the seven days. (b)(1) If a deed is not delivered within 180 days of the signing of the contract or agreement of sale or unless certain provisions are included in the contract or agreement, the
2、purchaser is entitled to cancel the contract within two years from the date of signing the contract or agreement. (2) The deed must be a warranty deed, or where such a deed is not com-monly used, a similar deed legally ac-ceptable in the jurisdiction where the lot is located. The deed must be free a
3、nd clear of liens and encumbrances. (3) The contract provisions are: (i) A legally sufficient and recordable lot description, and; (ii) A provision that the seller will give the purchaser written notification of purchasers default or breach of con-tract and the opportunity to remedy the default or b
4、reach within 20 days of the notice; and (iii) A provision that, if the pur-chaser loses rights and interest in the lot because of the purchasers default or breach of contract after 15 percent of the purchase price, exclusive of in-terest, has been paid, the seller shall refund to the purchaser any a
5、mount which remains from the payments made after subtracting 15 percent of the purchase price, exclusive of inter-est, or the amount of the sellers actual damages, whichever is the greater. (4) If a deed is not delivered within 180 days of the signing of the contract or if the necessary provisions a
6、re not included in the contract, the following statement shall be used in place of any other rescision language: Under Federal law you may cancel your contract or agreement of sale any time with-in two years from the date of signing. 1710.559 Previously accepted state filingsnotice of revocation rig
7、hts in contracts and agreements. (a)(1) All contracts or agreements, in-cluding promissory notes used in sale of lots for filings made with the Sec-retary pursuant to 1710.552, must con-tain the following language in boldface type (which must be distinguished from the type used for the rest of the c
8、on-tract) on the face or signature page above all signatures: You have the option to cancel your con-tract or agreement of sale by notice to the seller until midnight of the seventh day fol-lowing the signing of the contract or agree-ment. If you did not receive a Property Report prepared pursuant t
9、o the rules and regula-tions of the Office of Interstate Land Sales Registration, U.S. Department of Housing and Urban Development, in advance of your signing the contract or agreement, this con-tract or agreement may be revoked at your option for two years from the date of sign-ing. (2) If the purc
10、haser is entitled to a longer revocation period by operation of State law or the Act, that period be-comes the Federal revocation period and the contract or agreement must re-flect the longer period, rather than the seven days. The language shall be con-sistent with that shown on the Cover Page (see
11、 1710.558). (b) The above revocation provisions may not be limited or qualified in the contract or other document by requir-ing a specific type of notice or by re-quiring that notice be given at a speci-fied place. PART 1715PURCHASERS REV-OCATION RIGHTS, SALES PRAC-TICES AND STANDARDS Subpart APurch
12、asers Revocation Rights Sec. 1715.1 General. 1715.2 Revocation regardless of registration. 1715.4 Contract requirements and revoca-tion. 1715.5 Reimbursement. Subpart BSales Practices and Standards 1715.10 General. 1715.15 Unlawful sales practicesstatutory provisions. 1715.20 Unlawful sales practice
13、sregulatory provisions. 1715.25 Misleading sales practices. 1715.27 Fair housing. 1715.30 Persons to whom subpart B is inap-plicable. Subpart CAdvertising Disclaimers 1715.50 Advertising disclaimers; subdivi-sions registered and effective with HUD. AUTHORITY: 15 U.S.C. 1718; 42 U.S.C. 3535(d). SOURC
14、E: 45 FR 40496, June 13, 1980, unless otherwise noted. VerDate Mar2010 14:09 May 05, 2010 Jkt 220081 PO 00000 Frm 00075 Fmt 8010 Sfmt 8010 Y:SGML220081.XXX 220081cprice-sewell on DSK89S0YB1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-
15、66 24 CFR Ch. X (4110 Edition) 1715.1 Subpart APurchasers Revocation Rights 1715.1 General. The purpose of this subpart A is to elaborate on the revocation rights in 15 U.S.C. 1703, by enumerating certain conditions under which purchasers may exercise revocation rights. Generally, whenever revocatio
16、n rights are avail-able, they apply to promissory notes, as well as traditional agreements. 61 FR 13597, Mar. 27, 1996 1715.2 Revocation regardless of reg-istration. All purchasers have the option to re-voke a contract or lease with regard to a lot not exempt under 1710.5 through 1710.11 and 1710.14
17、 until midnight of the seventh day after the day that the pur-chaser signs a contract or lease. If a purchaser is entitled to a longer rev-ocation period under State law, that period is deemed the Federal revoca-tion period rather than the 7 days, and all contracts and agreements (includ-ing promiss
18、ory notes) shall so state. 61 FR 13597, Mar. 27, 1996 1715.4 Contract requirements and revocation. (a) In accordance with 15 U.S.C. 1703(d)(3), the refund to the purchaser is calculated by subtracting from the amount described in 15 U.S.C. 1703(d)(3)(B), the greater of: (1) Fifteen percent of the pu
19、rchase or lease price of the lot (excluding inter-est owed) at the time of the default or breach of contract or agreement; or (2) The amount of damages incurred by the seller or lessor due to the de-fault or breach of contract. (b) For the purposes of this section: Damages incurred by the seller or
20、lessor means actual damages resulting from the default or breach, as determined by the law of the jurisdiction governing the contract. However, no damages may be specified in the contract or agreement, except a liquidated dam-ages clause not exceeding 15 percent of the purchase price of the lot, exc
21、luding any interest owed. Purchase price means the cash sales price of the lot shown on the contract. (c) The contractual requirements of 15 U.S.C. 1703(d) do not apply to the sale of a lot for which, within 180 days after the signing of the sales contract, the purchaser receives a warranty deed or,
22、 where warranty deeds are not com-monly used, its equivalent under State law. 61 FR 13598, Mar. 27, 1996 1715.5 Reimbursement. If a purchaser exercises rights under 15 U.S.C. 1703(b), (c) or (d), but cannot reconvey the lot in substantially simi-lar condition, the developer may sub-tract from the am
23、ount paid by the pur-chaser, and otherwise due to the pur-chaser under 15 U.S.C. 1703, any dimin-ished value in the lot caused by the acts of the purchaser. 61 FR 13598, Mar. 27, 1996 Subpart BSales Practices and Standards 1715.10 General. Sales practices means any conduct or advertising by a develo
24、per or its agents to induce a person to buy or lease a lot. This subpart describes certain unlawful sales practices and provides standards to illustrate what other sales practices are considered misleading in light of certain circumstances in which they are made and within the context of the overall
25、 offer and sale or lease. 1715.15 Unlawful sales practices statutory provisions. The statutory prohibitions against fraudulent or misleading sales prac-tices are set forth at 15 U.S.C. 1703(a). With respect to the prohibitions against representing that certain fa-cilities will be provided or complet
26、ed unless there is a contractual obligation to do so by the developer: (a) The contractual covenant to pro-vide or complete the services or amen-ities may be conditioned only upon grounds that are legally sufficient to establish impossibility of performance in the jurisdiction where the services or
27、amenities are being provided or completed; VerDate Mar2010 14:09 May 05, 2010 Jkt 220081 PO 00000 Frm 00076 Fmt 8010 Sfmt 8010 Y:SGML220081.XXX 220081cprice-sewell on DSK89S0YB1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-67 Office of
28、 Asst. Sec. for Housing, HUD 1715.25 (b) Contingencies such as acts of God, strikes, or material shortages are rec-ognized as permissible to defer comple-tion of services or amenities; and (c) In creating these contractual obli-gations developers have the option of incorporating by reference the Pro
29、p-erty Report in effect at the time of the sale or lease. If a developer chooses to incorporate the Property Report by reference, the effective date of the Property Report being incorporated by reference must be specified in the con-tract of sale or lease. 61 FR 13598, Mar. 27, 1996 1715.20 Unlawful
30、 sales practices regulatory provisions. In selling, leasing or offering to sell or lease any lot in a subdivision it is an unlawful sales practice for any devel-oper or agent, directly or indirectly, to: (a) Give the Property Report to a purchaser along with other materials when done in such a manne
31、r so as to conceal the Property Report from the purchaser. (b) Give a contract to a purchaser or encourage him to sign anything before delivery of the Property Report. (c) Refer to the Property Report or Offering Statement as anything other than a Property Report or Offering Statement. (d) Use any m
32、isleading practice, de-vice or representation which would deny a purchaser any cancellation or refund rights or privileges granted the purchaser by the terms of a contract or any other document used by the devel-oper as a sales inducement. (e) Refuse to deliver a Property Re-port to any person who e
33、xhibits an in-terest in buying or leasing a lot in the subdivision and requests a copy of the Property Report. (f) Use a Property Report, note, con-tract, deed or other document prepared in a language other than that in which the sales campaign is conducted, unless an accurate translation is attache
34、d to the document. (g) Deliberately fail to maintain a sufficient supply of restrictive cov-enants and financial statements or to deliver a copy to a purchaser upon re-quest as required by 1710.109(f), 1710.112(d), 1710.209(g) and 1710.212(i). (h) Use, as a sales inducement, any representation that
35、any lot has good investment potential or will increase in value unless it can be established, in writing, that: (1) Comparable lots or parcels in the subdivision have, in fact, been resold by their owners on the open market at a profit, or; (2) There is a factual basis for the represented future inc
36、rease in value and the factual basis is certain, and; (3) The sales price of the offered lot does not already reflect the anticipated increase in value due to any promised facilities or amenities. The burden of establishing the relevancy of any com-parable sales and the certainty of the factual basi
37、s of the increase in value shall rest upon the developer. (i) Represent a lot as a homesite or building lot unless: (1) Potable water is available at a reasonable cost; (2) The lot is suitable for a septic tank operation or there is reasonable assurance that the lot can be served by a central sewage
38、 system; (3) The lot is legally accessible; and (4) The lot is free from periodic flood-ing. 1715.25 Misleading sales practices. Generally, promotional statements or material will be judged on the basis of the affirmative representations con-tained therein and the reasonable in-ferences to be drawn
39、therefrom, unless the contrary is affirmatively stated or appears in promotional material, or unless adequate safeguards have been provided by the seller to reasonably guarantee the occurrence of the thing inferred. For example, when a lot is represented as being sold by a war-ranty deed, the infere
40、nce is that the seller can and will convey fee simple title free and clear of all liens, encum-brances, and defects except those which are disclosed in writing to the prospec-tive purchaser prior to conveyance. The following advertising and pro-motional practices, while not all inclu-sive, are consi
41、dered misleading, and are used to evaluate a developers or agents representations in determining possible violations of the Act or regula-tions. (In this section represent car-ries its common meaning.) VerDate Mar2010 14:09 May 05, 2010 Jkt 220081 PO 00000 Frm 00077 Fmt 8010 Sfmt 8010 Y:SGML220081.X
42、XX 220081cprice-sewell on DSK89S0YB1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-68 24 CFR Ch. X (4110 Edition) 1715.25 (a) Proposed improvements. References to proposed improvements of any land unless it is clearly indicated that (1)
43、 the improvements are only proposed or (2) what the completion date is for the proposed improvement. (b) Off-premises representations. Rep-resenting scenes or proposed improve-ments other than those in the subdivi-sion unless (1) It is clearly stated that the scenes or improvements are not related t
44、o the subdivision offered; or (2) In the case of drawings that the scenes or improvements are artists renderings; (3) If the areas or improvements shown are available to purchasers, what the distance in road miles is to the scenes or improvements rep-resented. (c) Land use representations. Rep-resen
45、ting uses to which the offered land can be put unless the land can be put to such use without unreasonable cost to the purchaser and unless no fact or circumstance exists which would prohibit the immediate use of the land for its represented use. (d) Use of road and street. Using the words road or s
46、treet unless the type of road surface is disclosed. (All roads and streets shown on sub-division maps are presumed to be of an all-weather graded gravel quality or higher and are presumed to be travers-able by conventional automobile under all normal weather conditions unless otherwise shown on the
47、map.) (e) Road access and use. Representing the existence of a road easement or right-of-way unless the easement or right-of-way is dedicated to the public, to property owners or to the appro-priate property owners association. (f) Waterfront property. References to waterfront property, unless the p
48、rop-erty being offered actually fronts on a body of water. Representations which refer to canal or canals must state the specific use to which such canal or canals can be put. (g) Maps and distances. (1) The use of maps to show proximity to other com-munities, unless the maps are drawn to scale and
49、scale included, or the specific road mileage appears in easily readable print. (2) The use of the terms such as minutes away, short distance, only miles, or near or similar terms to indicate distance unless the actual distance in road miles is used in conjunction with such terms. Road miles will be measured from the ap-proximate geographical center of the subdivided lands to the approximate d
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