12 CFR § 1010.5 - Statutory exemptions.

---
identifier: "/us/cfr/t12/s1010.5"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 1010.5 - Statutory exemptions."
title_number: 12
title_name: "Banks and Banking"
section_number: "1010.5"
section_name: "Statutory exemptions."
chapter_name: "CONSUMER FINANCIAL PROTECTION BUREAU"
part_number: "1010"
part_name: "LAND REGISTRATION (REGULATION J)"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 5512, 5581; 15 U.S.C. 1718."
regulatory_source: "76 FR 79489, Dec. 21, 2011, unless otherwise noted."
cfr_part: "1010"
---


# 1010.5 Statutory exemptions.

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.

[81 FR 29116, May 11, 2016]