Source: http://law.justia.com/cfr/title24/24-5.1.1.1.2.html
Timestamp: 2013-05-24 01:24:14
Document Index: 512278547

Matched Legal Cases: ['ART 1715', 'ART 1715', 'ART 1715', 'ART 1715', 'ART 1715', 'ART 1715', '§ 1715', '§ 1715', '§ 1715', '§ 1715', '§ 1715', '§ 1715', '§ 1715', '§ 1715', '§1710']

PART 1715—PURCHASERS' REVOCATION RIGHTS, SALES PRACTICES AND STANDARDS :: PART 1715--PURCHASERS' REVOCATION RIGHTS, SALES PRACTICES AND STANDARDS :: CHAPTER X--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (INTERSTATE LAND SALES REGISTRATION PROGRAM) :: Title 24 - Housing and Urban Development :: Code of Federal Regulations :: Regulations :: Law :: Justia
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24 C.F.R. PART 1715—PURCHASERS' REVOCATION RIGHTS, SALES PRACTICES AND STANDARDS Title 24 - Housing and Urban Development
Browse Previous | Browse NextPART 1715—PURCHASERS' REVOCATION RIGHTS, SALES PRACTICES AND STANDARDS Section Contents
§ 1715.1 General.
§ 1715.2 Revocation regardless of registration.
§ 1715.4 Contract requirements and revocation.
§ 1715.5 Reimbursement.
§ 1715.15 Unlawful sales practices—statutory provisions.
§ 1715.25 Misleading sales practices.
§ 1715.27 Fair housing.
§ 1715.50 Advertising disclaimers; subdivisions registered and effective with HUD.
Authority: 15 U.S.C. 1718; 42 U.S.C. 3535(d). Source: 45 FR 40496, June 13, 1980, unless otherwise noted. Subpart A—Purchasers' Revocation Rights
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 revocation rights are available, they apply to promissory notes, as well as traditional agreements. [61 FR 13597, Mar. 27, 1996]
All purchasers have the option to revoke a contract or lease with regard to a lot not exempt under §§1710.5 through 1710.11 and 1710.14 until midnight of the seventh day after the day that the purchaser signs a contract or lease. If a purchaser is entitled to a longer revocation period under State law, that period is deemed the Federal revocation period rather than the 7 days, and all contracts and agreements (including promissory notes) shall so state. [61 FR 13597, Mar. 27, 1996]
(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 purchase or lease price of the lot (excluding interest 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 default or breach of contract. (b) For the purposes of this section: Damages incurred by the seller or 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 damages clause not exceeding 15 percent of the purchase price of the lot, excluding 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, where warranty deeds are not commonly used, its equivalent under State law. [61 FR 13598, Mar. 27, 1996]
If a purchaser exercises rights under 15 U.S.C. 1703(b), (c) or (d), but cannot reconvey the lot in substantially similar condition, the developer may subtract from the amount paid by the purchaser, and otherwise due to the purchaser under 15 U.S.C. 1703, any diminished value in the lot caused by the acts of the purchaser. [61 FR 13598, Mar. 27, 1996]
Newspaper or periodical publishers, job printers, broadcasters, or telecasters, or any of the employees thereof, are not subject to this subpart unless the publishers, printers, broadcasters, or telecasters— (a) Have actual knowledge of the falsity of the advertisement or (b) Have any interest in the subdivision advertised or (c) Also serve directly or indirectly as the advertising agent or agency for the developer. Subpart C—Advertising Disclaimers
(a) The following disclaimer statement shall be displayed below the text of all printed material and literature used in connection with the sale or lease of lots in a subdivision for which an effective Statement or Record is on file with the Secretary. If the material or literature consists of more than one page, it shall appear at the bottom of the front page. The disclaimer statement shall be set in type of at least ten point font. Obtain the Property Report required by Federal law and read it before signing anything. No Federal agency has judged the merits or value, if any, of this property. (b) If the advertising is of a classified type; is not more than five inches long and not more than one column in print wide, the disclaimer statement may be set in type of at least six point font. (c) This disclaimer statement need not appear on billboards, on normal size matchbook folders or business cards which are used in advertising nor in advertising of a classified type which is less than one column in print wide and is less than five inches long. (d) A developer who is required by any state, or states, to display an advertising disclaimer in the same location, or one of equal prominence, as that of the federal disclaimer, may combine the wording of the disclaimers. All of the wording of the federal disclaimer must be included in the resulting combined disclaimer. Browse Previous | Browse Next Disclaimer: These codes may not be the most recent version. The United States may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.	Justiaon