Hud Interstate Land Sales Subdivisions

Page 1 of 1

HO Interstate Land Sales Information Request Form

Housing Housing About Housing Contact us

Keywords . Single Family

. Audience groups . Buying a home . Events 8i training

. FHA insured loans

Interstate Land Sales Subdivision The Interstate Land Sales program protects

C+ Information bv State

consumers from fraud and abuse in the sale or

~ Esta Dáaina en esøafiol

lease of land. In 1968 Congress enacted the

i! Print version

Interstate Land Sales Full Disclosure Act, which

=9 Email this to a friend

is patterned after the Securities Law of 1933

and requires land developers to register subdivisions of 100 or more non-exempt lots with HUD and to provide each purchaser with a disclosure document called a

. Common questions

Property Report. The Property Report contains relevant information about the

. Housing counseling

subdivision and must be delivered to each purchaser before the signing of the

. HUD homes/ REO . Owning a home

contract or agreement.

~

. Reference guide . Regulatory programs

Hospitals Multifamily OAHP

Reading room Online forums

Bv Develoøer

BY Name

Subdivision Id: 26740

Old Id: 0-1617-40-

HUD news

Number of Lots:

Communities Working with HUD

Resources Tools Webcasts Mailng lists Contact us

Help

~

Subdivision Information Subdivision Name:* Lakemont Shores'" Bay Club

Work online

. 'Qmes

By State

Back to view

State: OK

Subdivision Status: Registered-Suspended Developer Information

Developer Name Southwestern Investment Co Point of Contact Address 1: Address 2:

City: State: Zip

Phone If you need more information about the act, or whether it applies to your situation

or not, please e-mail us: Comments or Questions o Back to top

Last modified at : 12/24/200707:48:55 AM y.,-.ItHl-o

.~ II ~"

: .1111.1111"'.

u.s. Department of Housing and Urban Development 451 7th Street S.W., Washington, DC 20410

\ 11111 Telephone: (202) 708-1112 TI: (202) 708-1455 Find the address of a HUD offce near vou

~_.~

1:

l:

Privacv Policy

h?~"'reSfa.~hudl joj htt://hqunp003 .hud.gov/HSNG/IS/ISSubdivisions.nsf/subwebview/C4F840C906148FCF852567... 7/9/2008

Page 1 of 1

HO Interstate Land Sales Inormation Request Form

Housing Housing

Interstate Land Sales Subdivision

Keywords

The Interstate Land Sales program protects consumers from fraud and abuse in the sale or lease of land. In 1968 Congress enacted the

. Single Family

Interstate Land Sales Full Disclosure Act, which

About Housing Contact us

. Audience groups . Buying a home . Events 8i training

. FHA insured loans

is patterned after the Securities Law of 1933

C+ Information bv State ~ Esta Dáaina en esøafiol i! Print version =ti Email this to a friend

and requires land developers to register subdivisions of 100 or more non-exempt lots with HUD and to provide each purchaser with a disclosure document called a

. Common questions

Property Report. The Property Report contains relevant information about the

. Housing counseling

subdivision and must be delivered to each purchaser before the signing of the

. HUD homes/ REO . Owning a home

contract or agreement.

~

. Reference guide

. Regulatory programs

By Develoøer

Bv Name

BY State

Back to view

~

Hospitals Multifamily OAHP

Reading room Online forums Work online

HUD news

-'omes

Communities Working with HUD

Resources Tools.

Subdivision Information Subdivision Name:* Lakemont Shores'" Bay Club

Subdivision Id: 26700

Old Id: 0-6131-40-

State: OK Number of Lots:

Subdivision Status: Registered-Suspended Developer Information

Developer Name Southwest Beneficial Finance Point of Contact Address 1: Address 2:

Webcasts

City: State:

Mailing lists

Zip

Contact us

Phone

Help

If you need more information about the act, or whether it applies to your situation

or not, please e-mail us:

Comments or Questions o Back to top

Last modified at : 12/21/200709:39:07 PM y.....ItMiJ.o

.' II ~" : .1111.1111'

U.s. Department of Housing and Urban Development 451 7th Street S.W., Washington, DC 20410

\ IIIl¡ Telephone: (202) 708-1112 TI: (202) 708-1455

~~".t:

1:

!:

Privacv Policv

Find the address of a HUD offce near vou

htt://hhqunp003 .hud.gov/HSNG/IS/ISSubdivisions.nsf/subwebview/7B9C78860F6BF2BB852567... 7/9/2008

Page 1 of 1

HU Interstate Land Sales Inormation Request Form

Housing Housing

Interstate Land Sales Subdivision

Keywords

The Interstate Land Sales program protects consumers from fraud and abuse in the sale or lease of land. In 1968 Congress enacted the

. Single Family

Interstate Land Sales Full Disclosure Act, which

About Housing Contact us

. Audience groups . Buying a home . Events 8i training

. FHA insured loans

is patterned after the Securities Law of 1933

and requires land developers to register

~ Esta Dáaina en esDafiol i! Print version

=s Email this to a friend

subdivisions of 100 or more non-exempt lots with HUD and to provide each purchaser with a disclosure document called a

. Common questions

Property Report. The Property Report contains relevant information about the

. Housing counseling

subdivision and must be delivered to each purchaser before the signing of the

. HUD homes/ REO . Owning a home

contract or agreement.

~

. Reference guide

. Regulatory programs

Hospitals Multifamily OAHP

Reading room Online forums

Work online

HUD news

'tomes .

C+ Information bv State

Communities Working with HUD

Resources Tools Webcasts Mailng lists Contact us Help

Bv Name

BY Develoøer

~

Bv State

Back to view

Subdivision Information Subdivision Name:* Lakemont Shores

Subdivision Id: 23452

Old Id: 0-5916-40-

State: OK Number of Lots:

Subdivision Status: Registered-Suspended Developer Information

Developer Name Oklahoma Recreational Prop Inc Point of Contact Address 1: Address 2:

City: State: Zip

Phone If you need more information about the act, or whether it applies to your situation

or not, please e-mail us:

Comments or Questions Last modified at : 12/24/200707:51:06 AM y.,,1dM¡~

i'II~'t ; .1111.1111 * i

\~~,.v

U.s. Department of Housing and Urban Development 451 7th Street S.W., Washington, DC 20410

Telephone: (202) 708-1112 TI: (202) 708-1455 Find the address of a HUD offce near vou

o Back to top

1:

~

Privacy Policv

htt://hqunp003 .hud.gov/HSNG/IS/ISSubdivisions.nsf/subwebview/FCB 7DOE764C 1E077852567... 7/9/2008

HU Full Disclosure Act Questions and Answers

Page 1 of3

¡i _I '¡Ii l.\,,: '-'F'iii~iir

Housing About Housing Contact us

Keywords . Single Family

. Audience groups . Buying a home . Events 8i training

. FHA insured loans

. Common questions . Housing counseling

. HUD homes/ REO . Owning a home . Reference guide . Regulatory programs

Full Disclosure Act Questions and Answers 10 MOST COMMONLY ASKED QUESTIONS FROM DEVELOPERS

C+ Information bv State i! Print version

These questions and answers are meant to apply to general situations and should not be construed as a definitive answer to any questions you may have. For further information, contact the program offce directly at the address on the Interstate

Land Sales home oage.

QUESTION 1 - Does My Offering Come under HUD Jurisdiction?

Hospitals

ANSWER - If you have fewer than 25 lots that are part of a common promotional

Multifamily

plan, you are exempt from both the Acts anti-fraud provisions and registration requirements. If your offering has 25-99 lots that are part of a common

GSE Regulatory Oversight OAHP

Reading room Online forums

Work online

HUD news

promotional plan, your offering is exempt from registration, but is subject to the antifraud provisions, unless your offering is exempt under any of the provisions stated in 24 CFR 1710.5. If your offering has 100 or more lots, you may need to register your offering unless it qualifies for one of the available exemotions (24 CFR 1710.5 through 1710.16). Registration requirements can be found at 24 CFR 1710.100 through 1710.219.

lomes

Resources

QUESTION 2 - What Constitutes a Common Promotional Plan?

Communities

ANSWER - A "common promotional plan" means any plan undertaken by

Working with HUD

common promotional plan is presumed to exist if land is offered by a developer or

Tools Webcasts Mailing lists RSS Feeds

Help

~* . U~A~gQYEa6Y

a single

developer or a group of developers acting together to offer lots for sale or lease. A a group of developers acting in concert, and the land is contiguous or is known, designated, or advertised as a common development or common name. While other characteristics are also evaluated in determining whether a common

promotional plan exists (i.e. - 10% or greater common ownership interest, common advertising, common sales facilities), each situation is evaluated on its own merit.

QUESTION 3 - Who Is Considered a Developer? ANSWER - A developer is an individual or a business entity that, directly or indirectly, sells or leases, or offers to sell or lease, or advertises to sell or lease lots in a subdivision. Since offering or sellng lots, rather than physically developing them, is a criteria for determining who is a developer, the following examples, in addition to the traditional developer, may meet the criteria: (1) a bank Offering lots obtained through a foreclosure; (2) a corporation that acquires groups of lots in an existing subdivision for resale; or (3) an individual who buys

lots at a tax sale or an auction for resale to others. QUESTION 4 - How Long Does It Take to Obtain an Effective Date of

Registration?

htt://ww.hud.gov/offices/hsglsfbils/ilsdevqa.cfm

7/10/2008

HU Full Disclosure Act Questions and Answers

Page 3 of3

which are certified by HUD: Arizona, California, Florida, and Minnesota. If you have effectively registered with those states, HUD wil accept that state's disclosure document in lieu of the standard Federal registration. The fees as stated in Question 9 also apply to these registrations.

Interstate Land Sales HomeDaae Comments and Questions

~

o Back to top

fQ Privacy Web Policies and ImDOrtant Links ~"d"J.Ð i. II II ~~

t .liiriii~ ~C&"it.

U.s. Department of Housing and Urban Development 451 7th Street S.W., Washington, DC 20410

tâ

Telephone: (202) 708-1112 TI: (202) 708-1455 Find the address of a HUD offce near vou

htt://ww.hud.gov loffces/hsg/sflils/ilsdevqa.cfm

7/10/2008

HU Full Disclosure Act Questions and Answers

Page 2 of3

ANSWER - Each time you submit an initial registration, consolidation or amendment, HUD wil examine it within thirt days and inform you whether the submission is effective or whether there are deficiencies.

QUESTION 5 - What Are My Obligations once My Registration Becomes

Effective?

ANSWER - You wil be required to submit an annual report within thirt days of the anniversary date of your effective date and financial statements each year after the initial effective date. In addition, you are required to file an amendment within fifteen days of the date on which you knew or should have known that there has been a change in material fact.

QUESTION 6 - if My Offering Qualifies for an Exemption, Do I Need to Notify HUD? ANSWER - All exemptions, with the exception of the multiple site subdivision exemption and the "substantial compliance" exemption. are self-determining and require no notification to HUD. However, if you wish a written opinion, you may request an Advisory Opinion pursuant to 24 CFR 1710.17.

QUESTION 7 - What Does "Substantial Compliance" Mean? ANSWER - "Substantial compliance" means that an offring entails circumstances that are equal to or better than the technical regulatory requirements, or that are

consistent with the basic intent of a particular exemption. Developers who are uncertain as to whether their offerings are in substantial compliance with the exemption's requirements may wish to request an Exemption Order so that HUD

can determine whether the circumstances justify eligibilty for the exemption. QUESTION 8 - if I Have a Situation where Certain Sales May Fall under the Jurisdiction of the Interstate Land Sales Full Disclosure Act, but the

Circumstances Do Not Justify the Need for a Registration, What Should I Do? ANSWER - You may request a No Action letter from HUD, pursuant to 24 CFR part 1710.18 by describing the particular circumstances as fully as possible. However,

the issuance of such a letter does not affect any right or remedy that the purchaser may have under the Act (i.e. - the two year right of rescission).

QUESTION 9 - What Types of Fees Are Required by Your Office? ANSWER - For registrations and consolidations, the fees are $800 for 200 or fewer

lots and $1000 for 201 or more lots. If you have 101 or more unsold lots at the time your Annual Report is due, the fees is $800. If you wish to reactivate your registration after being suspended, the fee is $800 if you have 100 or more unsold lots. The fee for requesting an Advisory Opinion or Exemption Order is $500. The annual fee for the Annual Report required under multiple site subdivision

exemption is $100.

QUESTION 10 - if I Comply with My State's Registration Requirements, Do

I Stil Need to File with HUD?

ANSWER - Yes. In most instances you must stil submit a Federal registration if your offering is subject to the Act's jurisdiction. However, there are four states

htt://ww.hud.gov/offces/hsg/sfbils/isdevqa.cfm

7/10/2008