§ 1705. — Information required in statement of record.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC1705]
TITLE 15--COMMERCE AND TRADE
CHAPTER 42--INTERSTATE LAND SALES
Sec. 1705. Information required in statement of record
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 Secretary may require; and
(12) such other information and such other documents and
certifications as the Secretary may require as being reasonably
necessary or appropriate for the protection of purchasers.
(Pub. L. 90-448, title XIV, Sec. 1406, Aug. 1, 1968, 82 Stat. 592; Pub.
L. 91-609, title IX, Sec. 909, Dec. 31, 1970, 84 Stat. 1811.)
Amendments
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.
Section Referred to in Other Sections
This section is referred to in sections 1702, 1707, 1708 of this
title.
