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]



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