Title 44, Chapter 3, Section 4
( 44-3-4)
Unless the method of sale is adopted for the purpose of evasion of this article or of the federal Interstate Land Sales Full Disclosure Act, the provisions of Code Section 44-3-3 shall not apply to offers or dispositions in an interest in land: (1) By a purchaser of any subdivision, lot, parcel, or unit
thereof for his or her own account in a single or isolated
transaction; (2) On which there is a commercial or industrial building,
condominium, shopping center, house, or apartment house; or as to
which there is a contractual obligation on the part of the
subdivider to construct such a building within two years from date
of disposition; or the sale or lease of which land is restricted
by zoning ordinance, covenant, or other legally enforceable means
to commercial or nonresidential purposes; or the sale or lease of
which land is pursuant to a plan of development for commercial or
nonresidential purposes; (3) As cemetery lots or interests; (4) Where the plan of sale for a subdivision is to dispose of all
the interests to ten or fewer persons; (5) Where each lot, parcel, or unit being offered or disposed of
in any subdivision is five acres or more in size; (6) To any person who is engaged in the business of the
construction of residential, commercial, or industrial buildings
for disposition; (7) Where at least 95 percent of the lots or parcels of such
subdivision are to be sold or leased only to persons who acquire
such lots or parcels for the purpose of engaging in the business
of constructing residences; (8) Made pursuant to the order of any court of this state; (9) Made by or to any government or government agency; (10) Made as evidence of indebtedness secured by way of any deed
to secure debt, mortgage, or deed of trust of real estate; (11) As securities or units of interest issued by an investment
trust regulated under the laws of the State of Georgia; (12) Registered under the provisions of the federal Interstate
Land Sales Full Disclosure Act; (13) Of lots, parcels, or units contained in a recorded
subdivision plat, if all of the following conditions exist: (A) Each lot, parcel, or unit is situated on an existing paved
and dedicated road or street constructed to the specifications
of the board of county commissioners of the county or the
governing body of the municipality, which board or governing
body has voluntarily agreed to accept such road or street for
maintenance and, if a waiting period is required, adequate
assurances have been established with the county or
municipality; (B) The subdivision has drainage structures and fill necessary
to prevent flooding, which structures and fill have been
approved by the board of county commissioners of the county or
the governing body of the municipality; (C) Electric power is available at or near each lot, parcel, or
unit; (D) Domestic water supply and sanitary sewage disposal meeting
the requirements of the applicable governmental authority are
available at or near each lot, parcel, or unit; (E) The subdivider is at all times prepared to convey title to
the purchaser by general warranty deed unencumbered by any
mortgages, deeds to secure debt, or other liens; and (F) All promised improvements and amenities are complete; (14) Of lots, parcels, or units contained in a subdivision plat
that has been accepted by the board of county commissioners and
properly recorded where: (A) Each lot, parcel, or unit is situated on a road dedicated or
approved by the board of county commissioners and arrangements
acceptable to the commission have been made for the permanent
maintenance of such roads; (B) All promised improvements and amenities are complete; (C) The promotional plan of sale is directed only to bona fide
residents of this state whose primary residence is or will be
located in the county in which the lots are platted of record; (D) The method of sale is by cash or deed and first mortgage or
deed to secure debt with all funds escrowed in this state prior
to closing. Closing shall occur within 180 days after execution
of the contract for purchase, at which time the purchaser shall
receive a general warranty deed unencumbered by any mortgages or
other liens except the mortgage or deed to secure debt given by
the purchaser; and (E) The purchaser has inspected the property to be purchased
prior to the execution of the purchase contract and has so
certified in writing; (15) Where not more than 150 lots, parcels, units, or interests
are offered for sale; or (16) Where no representations, promises, or agreements are made
that any improvements or amenities will be provided in the
property by the subdivider but rather that any improvements or
amenities will be furnished by the purchaser. |