Depends in part on how the developer markets the homes. If they are marketed as end user/buyer occupied, then not sale of security. However, if the marketing emphasizes ROI and use of the property as a rental unit to be managed by others with periodic payments of rental income, then it may be considered a security.
Michael R. Gibbons (Biohttp://lowndes-law.com/our-people/michael-r-gibbons)
Shareholder
Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
215 N. Eola Drive
Orlando, FL 32801
Phone: 407-418-6378
Fax: 407-843-4444
email: michael.gibbons@lowndes-law.commailto:michael.gibbons@lowndes-law.com
website: http://www.lowndes-law.comhttp://www.lowndes-law.com/
[cid:image003.jpg@01D06AE1.87A619E0]
From: clc-discussion-bounces@lists.flabarrpptl.org [mailto:clc-discussion-bounces@lists.flabarrpptl.org] On Behalf Of Thomas M Dillon
Sent: Monday, March 30, 2015 1:22 AM
To: CLC-Discussion@lists.flabarrpptl.org
Subject: [CLC-Discussion] Is a contract to build a home in a residential subdivision that is not developed a security
A residential developer advertises homes for sale. The homes have not been constructed, the subdivision has not been developed, and the land has not been cleared. Is this activity the offering of a security? If so, is there an exemption from registration of the security?
Thomas M Dillon
Email: lawtmd@gmail.commailto:lawtmd@gmail.com
Florida Bar No. 673064
Thomas M Dillon, PA
1477 Park Beach Cir. Apt. 32
Punta Gorda, FL 33950-5252
Phone: 941-626-6832
This email message has been delivered safely and archived online by Mimecast. For more information please visit http://www.mimecast.com
Depends in part on how the developer markets the homes. If they are marketed as end user/buyer occupied, then not sale of security. However, if the marketing emphasizes ROI and use of the property as a rental unit to be managed by others with periodic payments of rental income, then it may be considered a security.
Michael R. Gibbons (Bio<http://lowndes-law.com/our-people/michael-r-gibbons>)
Shareholder
Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
215 N. Eola Drive
Orlando, FL 32801
Phone: 407-418-6378
Fax: 407-843-4444
email: michael.gibbons@lowndes-law.com<mailto:michael.gibbons@lowndes-law.com>
website: http://www.lowndes-law.com<http://www.lowndes-law.com/>
[cid:image003.jpg@01D06AE1.87A619E0]
From: clc-discussion-bounces@lists.flabarrpptl.org [mailto:clc-discussion-bounces@lists.flabarrpptl.org] On Behalf Of Thomas M Dillon
Sent: Monday, March 30, 2015 1:22 AM
To: CLC-Discussion@lists.flabarrpptl.org
Subject: [CLC-Discussion] Is a contract to build a home in a residential subdivision that is not developed a security
A residential developer advertises homes for sale. The homes have not been constructed, the subdivision has not been developed, and the land has not been cleared. Is this activity the offering of a security? If so, is there an exemption from registration of the security?
Thomas M Dillon
Email: lawtmd@gmail.com<mailto:lawtmd@gmail.com>
Florida Bar No. 673064
Thomas M Dillon, PA
1477 Park Beach Cir. Apt. 32
Punta Gorda, FL 33950-5252
Phone: 941-626-6832
This email message has been delivered safely and archived online by Mimecast. For more information please visit http://www.mimecast.com
