North Dakota Code 43-23.1-05 – Exemptions
1. Unless the method of disposition is adopted for the purpose of evasion of this chapter, the registration provisions of this chapter do not apply to offers or disposition of an interest in land:
Terms Used In North Dakota Code 43-23.1-05
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
a. By a purchaser of subdivided lands for the purchaser’s own account in a single or isolated transaction; b. If fewer than five separate lots, parcels, units, or interests in subdivided lands are offered by a person in a period of twelve months; c. To persons who are engaged in the business of construction of buildings for resale or to persons who acquire an interest in subdivided lands for the purpose of engaging, and do engage, in the business of construction of buildings for resale; d. Pursuant to court order; e. By any government or government agency; or f. As cemetery lots or interests.
2. Unless the method of disposition is adopted for the purpose of evasion of this chapter, the registration provisions of this chapter do not apply to:
a. Offers and dispositions of securities currently registered with the North Dakota securities commissioner; b. A subdivision as to which the plan of disposition is to dispose to ten or fewer persons; or
c. A subdivision as to which the commission has granted an exemption as provided in section 43-23.1-11.
3. Unless the method of disposition is adopted for the purpose of evasion of this chapter, the registration provisions of this chapter do not apply to 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.