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15 U.S. Code § 1702. Exemptions
(a) Sale or lease of lots generallyUnless the method of disposition is adopted for the purpose of evasion of this chapter, the provisions of this chapter shall not apply to—
(1)
the sale or lease of lots in a subdivision containing less than twenty-five lots;
(2)
the sale or lease of any improved land on which there is a residential, commercial, condominium, or industrial building, or the sale or lease of land under a contract obligating the seller or lessor to erect such a building thereon within a period of two years;
(3)
the sale of evidence of indebtedness secured by a mortgage or deed of trust on real estate;
(4)
the sale of securities issued by a real estate investment trust;
(5)
the sale or lease of real estate by any government or government agency;
(6)
the sale or lease of cemetery lots;
(7)
the sale or lease of lots to any person who acquires such lots for the purpose of engaging in the business of constructing residential, commercial, or industrial buildings or for the purpose of resale or lease of such lots to persons engaged in such business; or
(8) the sale or lease of real estate which is zoned by the appropriate governmental authority for industrial or commercial development or which is restricted to such use by a declaration of covenants, conditions, and restrictions which has been recorded in the official records of the city or county in which such real estate is located, when—
(A)
local authorities have approved access from such real estate to a public street or highway;
(B)
the purchaser or lessee of such real estate is a duly organized corporation, partnership, trust, or business entity engaged in commercial or industrial business;
(C)
the purchaser or lessee of such real estate is represented in the transaction of sale or lease by a representative of its own selection;
(D)
the purchaser or lessee of such real estate affirms in writing to the seller or lessor that it either (i) is purchasing or leasing such real estate substantially for its own use, or (ii) has a binding commitment to sell, lease, or sublease such real estate to an entity which meets the requirements of subparagraph (B), is engaged in commercial or industrial business, and is not affiliated with the seller, lessor, or agent thereof; and
(E)
a policy of title insurance or a title opinion is issued in connection with the transaction showing that title to the real estate purchased or leased is vested in the seller or lessor, subject only to such exceptions as may be approved in writing by such purchaser or the lessee prior to recordation of the instrument of conveyance or execution of the lease, but (i) nothing herein shall be construed as requiring the recordation of a lease, and (ii) any purchaser or lessee may waive, in writing in a separate document, the requirement of this subparagraph that a policy of title insurance or title opinion be issued in connection with the transaction.