Idaho Code 55-1804 – Prohibitions On Dispositions of Interests in Subdivisions
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Unless the subdivided lands or the transaction is exempt under section 55-1805, Idaho Code, it shall be unlawful for any person to make in this state:
(1) Any offer or disposition of any interest in subdivided lands located without this state prior to the time that the subdivided lands are registered in accordance with this chapter.
Terms Used In Idaho Code 55-1804
- Disposition: includes sale, lease, assignment, award by lottery or any other transaction concerning a subdivision, if undertaken for gain or profit. See Idaho Code 55-1802
- Offer: includes any inducement, solicitation or attempt to encourage a person to acquire an interest in land, if undertaken for gain or profit. See Idaho Code 55-1802
- Person: means an individual, corporation, government, governmental subdivision or agency, business trust, estate, trust, partnership, unincorporated association, two (2) or more of any of the foregoing having a joint or common interest or any other legal or commercial entity. See Idaho Code 55-1802
- Property: includes both real and personal property. See Idaho Code 73-114
- Purchaser: means a person who acquires or attempts to acquire or succeeds to an interest in land. See Idaho Code 55-1802
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
- subdivided lands: means and includes the following:
Idaho Code 55-1802Time shared property: means any real property in which the use and occupancy rights are divided or proposed to be divided into more than thirteen (13) units, interests or parcels in accordance with a fixed or variable time schedule on a periodic basis that allocates the use or occupancy among the persons holding similar interests, whether such use or occupancy rights are granted by deed, contract or share certificate. See Idaho Code 55-1802
(2) Any offer or disposition of any interest in a time shared property located within or without this state prior to the time that the time shared property is registered in accordance with this chapter.
(3) Any disposition of any interest in subdivided lands without delivering to the purchaser an effective current public offering statement, obtaining a dated and signed receipt and affording the purchaser a reasonable opportunity to examine the statement.
An offer is made in this state, whether or not the offeror or offeree is then present in this state, if the offer originates within this state or is directed by the offeror to a person or place in this state and received by the person or at the place to which it is directed.