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HO Interstate Land Sales Information Request Form
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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.
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. Reference guide . Regulatory programs
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Bv Develoøer
BY Name
Subdivision Id: 26740
Old Id: 0-1617-40-
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Number of Lots:
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Subdivision Information Subdivision Name:* Lakemont Shores'" Bay Club
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. '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
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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
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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
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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¡~
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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
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~
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
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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?
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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
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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.
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QUESTION 2 - What Constitutes a Common Promotional Plan?
Communities
ANSWER - A "common promotional plan" means any plan undertaken by
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common promotional plan is presumed to exist if land is offered by a developer or
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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
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U.s. Department of Housing and Urban Development 451 7th Street S.W., Washington, DC 20410
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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