U.S. Code » Title 15 » Chapter CHAPTER 42— INTERSTATE LAND SALES

15 U.S.C. § 1705

Information required in statement of record

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The statement of record shall contain the information and be accompanied by the documents specified hereinafter in this section—(1) the name and address of each person having an interest in the lots in the subdivision to be covered by the statement of record and the extent of such interest;(2) a legal description of, and a statement of the total area included in, the subdivision and a statement of the topography thereof, together with a map showing the division proposed and the dimensions of the lots to be covered by the statement of record and their relation to existing streets and roads;(3) a statement of the condition of the title to the land comprising the subdivision, including all encumbrances and deed restrictions and covenants applicable thereto;(4) a statement of the general terms and conditions, including the range of selling prices or rents at which it is proposed to dispose of the lots in the subdivision;(5) a statement of the present condition of access to the subdivision, the existence of any unusual conditions relating to noise or safety which affect the subdivision and are known to the developer, the availability of sewage disposal facilities and other public utilities (including water, electricity, gas, and telephone facilities) in the subdivision, the proximity in miles of the subdivision to nearby municipalities, and the nature of any improvements to be installed by the developer and his estimated schedule for completion;(6) in the case of any subdivision or portion thereof against which there exists a blanket encumbrance, a statement of the consequences for an individual purchaser of a failure, by the person or persons bound, to fulfill obligations under the instrument or instruments creating such encumbrance and the steps, if any, taken to protect the purchaser in such eventuality;(7)(A) copy of its articles of incorporation, with all amendments thereto, if the developer is a corporation; (B) copies of all instruments by which the trust is created or declared, if the developer is a trust; (C) copies of its articles of partnership or association and all other papers pertaining to its organization, if the developer is a partnership, unincorporated association, joint stock company, or any other form of organization; and (D) if the purported holder of legal title is a person other than developer, copies of the above documents for such person;(8) copies of the deed or other instrument establishing title to the subdivision in the developer or other person and copies of any instrument creating a lien or encumbrance upon the title of developer or other person or copies of the opinion or opinions of counsel in respect to the title to the subdivision in the developer or other person or copies of the title insurance policy guaranteeing such title;(9) copies of all forms of conveyance to be used in selling or leasing lots to purchasers;(10) copies of instruments creating easements or other restrictions;(11) such certified and uncertified financial statements of the developer as the Director may require; and(12) such other information and such other documents and certifications as the Director may require as being reasonably necessary or appropriate for the protection of purchasers.(Pub. L. 90–448, title XIV, § 1406, Aug. 1, 1968, 82 Stat. 592; Pub. L. 91–609, title IX, § 909, Dec. 31, 1970, 84 Stat. 1811; Pub. L. 111–203, title X, § 1098A(1), July 21, 2010, 124 Stat. 2105.)Editorial NotesAmendments

2010—Pars. (11), (12). Pub. L. 111–203 substituted “Director” for “Secretary”.

1970—Par. (5). Pub. L. 91–609 required the statement of record to contain a statement of the existence of any unusual conditions relating to noise or safety which affect the subdivision and are known to the developer.

Statutory Notes and Related SubsidiariesEffective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date

Section effective upon the expiration of two hundred and seventy days after Aug. 1, 1968, see section 1423 of Pub. L. 90–448, set out as a note under section 1701 of this title.

Notes of Decisions
Cited in 20 cases, 1974–2012 · leading case: Flint Ridge Dev. Co. v. Scenic Rivers Assn. of Okla., 426 U.S. 776 (1976).
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Flint Ridge Dev. Co. v. Scenic Rivers Assn. of Okla., 426 U.S. 776 (1976). · cites it 4× “” § 1406 (12) of the Disclosure Act, 15 U. S. C. § 1705 . 1 By regulation, the *780 property report is a required part of the statement of record.”
Nahigian v. Juno-loudoun, LLC, 677 F.3d 579 (4th Cir. 2012). · cites it 6× “Given that Juno is not exempt from ILSFDA, it therefore should have filed a statement of record with HUD, see 15 U.S.C. § 1705 , and provided a property report to the Nahigians prior to executing the purchase agreement, see id.”
Veneklase v. Bridgewater Condos, L.C., 670 F.3d 705 (6th Cir. 2012). “2008) (citing 15 U.S.C. §§ 1705 , 1707). 3 . The Holiday Isle interpretation was endorsed by the Middle District of Tennessee in Venezia v.”
California Ex Rel. California Dep't of Transp. v. City of South Lake Tahoe, 466 F. Supp. 527 (E.D. Cal. 1978). · cites it 2× “” 15 U.S.C. § 1705 (12) (1976). See generally id.”
Oginsky v. Paragon Props. of Costa Rica LLC, 784 F. Supp. 2d 1353 (S.D. Fla. 2011). “15 U.S.C. §§ 1705 ,1707. To state a claim under this section 1703(a)(1)(A), a plaintiff needs only to allege the property at issue is part of a subdivision, the defendant sold or leased the property to the plaintiff, and no statement of record was in effect at the time of the…”
Jankus v. Edge Investors, L.P., 619 F. Supp. 2d 1328 (S.D. Fla. 2009). · cites it 2× “15 U.S.C. § 1705 . 4 . The property report "is an extensive disclosure that must include such information such as identification of interested persons; legal description of the subdivision; statement of the condition of title to the land; statement of general terms and…”
Pigott v. Sanibel Dev., LLC, 576 F. Supp. 2d 1258 (S.D. Ala. 2008). “15 U.S.C. §§ 1705 , 1707; see also Law, 578 F.”
Husted v. Amrep Corp., 429 F. Supp. 298 (S.D.N.Y. 1977). “15 U.S.C. § 1705 ; 24 C.F.R. § 1710 . A comparison of the charges made in the indictment concerning the water and utility situation and of the charged misrepresentations and omissions from the statement of record and property report makes clear that plaintiff has stated a claim…”
Jankus v. Edge Investors, L.P., 650 F. Supp. 2d 1248 (S.D. Fla. 2009). “t of the condition of title to the land; statement of general terms and conditions (including range of selling prices); statement of present condition of access to the subdivision; existence of unusual conditions relating to noise or safety; availability of sewage disposal and…”
Bodansky v. Fifth on the Park Condo, LLC, 732 F. Supp. 2d 281 (S.D.N.Y. 2010). “” See 15 U.S.C. §§ 1705 , 1707. Unless an exemption applies, the developer must provide the property report to the purchaser prior to executing the purchase agreement.”
Burns v. Duplin Land Dev., Inc., 621 F. Supp. 2d 292 (E.D.N.C. 2009). “115 ; see 15 U.S.C. §§ 1705 , 1707(a); 24 C.F.R. § 1710.”
Bartley v. Merrifield Town Ctr. Ltd. P'ship, 580 F. Supp. 2d 495 (E.D. Va. 2008). “15 U.S.C. § 1705 . Developers are also required to attach several documents to the statement of record, including the articles of incorporation, the deed, and forms of conveyance.”
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