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<p class="MsoNormal"><span style="color:#1F497D">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.
<o:p></o:p></span></p>
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<b><span style="color:#1F497D">Michael R. Gibbons (<a href="http://lowndes-law.com/our-people/michael-r-gibbons"><span style="color:black">Bio</span></a>)<o:p></o:p></span></b></p>
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<b><span style="color:#1F497D">Shareholder</span></b><span style="font-size:10.0pt;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal" align="left" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:left;text-autospace:none">
<span style="font-size:10.0pt;color:green">Lowndes, Drosdick, Doster, Kantor & Reed, P.A.<o:p></o:p></span></p>
<p class="MsoNormal" align="left" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:left;text-autospace:none">
<span style="font-size:10.0pt;color:green">215 N. Eola Drive<o:p></o:p></span></p>
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<span style="font-size:10.0pt;color:green">Orlando, FL 32801<o:p></o:p></span></p>
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<span style="font-size:10.0pt;color:green">Phone: 407-418-6378<o:p></o:p></span></p>
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<span style="font-size:10.0pt;color:green">Fax: 407-843-4444<o:p></o:p></span></p>
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<span style="font-size:10.0pt;color:green">email: <a href="mailto:michael.gibbons@lowndes-law.com">
<span style="color:black">michael.gibbons@lowndes-law.com</span></a><o:p></o:p></span></p>
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<span style="font-size:10.0pt;color:green">website: <a href="http://www.lowndes-law.com/">
<span style="color:black">http://www.lowndes-law.com</span></a><o:p></o:p></span></p>
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<b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> clc-discussion-bounces@lists.flabarrpptl.org [mailto:clc-discussion-bounces@lists.flabarrpptl.org]
<b>On Behalf Of </b>Thomas M Dillon<br>
<b>Sent:</b> Monday, March 30, 2015 1:22 AM<br>
<b>To:</b> CLC-Discussion@lists.flabarrpptl.org<br>
<b>Subject:</b> [CLC-Discussion] Is a contract to build a home in a residential subdivision that is not developed a security<o:p></o:p></span></p>
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<p class="MsoNormal" align="left" style="text-align:left"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-family:"Arial","sans-serif"">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?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal" align="left" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:left">
<span style="font-family:"Arial","sans-serif"">Thomas M Dillon<o:p></o:p></span></p>
<p class="MsoNormal" align="left" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:left">
<span style="font-family:"Arial","sans-serif"">Email: <a href="mailto:lawtmd@gmail.com">
lawtmd@gmail.com</a></span><o:p></o:p></p>
<p class="MsoNormal" align="left" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:left">
<span style="font-family:"Arial","sans-serif"">Florida Bar No. 673064<o:p></o:p></span></p>
<p class="MsoNormal" align="left" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:left">
<span style="font-family:"Arial","sans-serif"">Thomas M Dillon, PA</span><o:p></o:p></p>
<p class="MsoNormal" align="left" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:left">
<span style="font-family:"Arial","sans-serif"">1477 Park Beach Cir. Apt. 32<o:p></o:p></span></p>
<p class="MsoNormal" align="left" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:left">
<span style="font-family:"Arial","sans-serif"">Punta Gorda, FL 33950-5252</span><o:p></o:p></p>
<p class="MsoNormal" align="left" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:left">
<span style="font-family:"Arial","sans-serif"">Phone: 941-626-6832<o:p></o:p></span></p>
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