{"data":{"id":"us/12-cfr-1010.5","jurisdiction":"us","citation":"12 CFR 1010.5","heading":"Statutory exemptions.","body":"A listing of the statutory exemptions is contained in 15 U.S.C. 1702. In accordance with 15 U.S.C. 1702(a)(2), if the sale involves a condominium or multi-unit construction, a presale clause conditioning the sale of a unit on a certain percentage of sales of other units is permissible if it is legally binding on the parties and is for a period not to exceed 180 days. However, the 180-day provision cannot extend the 2-year period for performance. The permissible 180 days is calculated from the date the first purchaser signs a sales contract in the project or, if a phased project, from the date the first purchaser signs the first sales contract in each phase.","path":["Title 12—Banks and Banking","CHAPTER X—CONSUMER FINANCIAL PROTECTION BUREAU","PART 1010—LAND REGISTRATION (REGULATION J)","Subpart A—General Requirements"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"c3596df101f2655c39b36b4904a094690589e72da2446a81295adb80aed5c224","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-1010.4","next":"us/12-cfr-1010.6"},"notice":"GroundRules: Original legal text. Not legal advice."}