§508D-3 Exemptions. This chapter shall not apply to the following sales of residential real property:
(1) Sale to a co-owner;
(2) Sale to a spouse, parent, or child of the seller;
(3) Sale by devise, descent, or court order;
(4) Sale by operation of law, including but not limited to any transfer by foreclosure, bankruptcy, or partition, or any transfer to a seller's creditor incident to a deed (or assignment) in lieu of foreclosure, workout, or the settlement or partial settlement of any preexisting obligation of a seller owed a creditor and any later sale of residential real property by such creditor;
(5) Sale by a lessor to a lessee resulting from conversion of leased land to fee simple;
(6) Initial sale of new residential real property pursuant to chapter 484 under a current public offering statement or chapter 484 exemption;
(7) Sales of condominium apartments or units accompanied by delivery of an unexpired developer's public report; or
(8) Sale of time share interests as defined under chapter 514E. [L 1994, c 214, pt of §2; am L 1995, c 172, §1; am L 1996, c 161, §3; am L 2001, c 224, §2; am L 2008, c 28, §31]
Note
The 2008 amendment is retroactive to July 1, 2006. L 2008, c 28, §43.
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