§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.