interstate land sales

interstate land sales Sec. 812. (a) Section 1402 of the Housing and Urban Development Act of 1968 is amended— (1) by inserting after “land” where it first appears in paragraph (3) the following: “, located in any State or in a foreign country,”; and (2) by inserting before the semicolon at the end of paragraph (7) the following: “or between any foreign country and any State”. (b) Section 1403(a) of such Act is amended by striking out “or” at the end of paragraph (9), by striking out the period at the end of paragraph (10) and inserting in lieu thereof “; or”, and by adding after paragraph (10) the following new paragraph: “(11) the sale or lease of real estate which is zoned by the appropriate governmental authority for industrial or commercial development, when— “(A) local authorities have approved access from such real estate to a public street or highway; “(B) the purchaser or lessee of such real estate is a duly organized corporation, partnership, trust, or business entity engaged in commercial or industrial business; “(C) the purchaser or lessee of such real estate is represented in the transaction of sale or lease by a representative of its own selection; “(D) the purchaser or lessee of such real estate affirms in writing to the seller that it either (i) is purchasing or leasing such real estate substantially for its own use or (ii) has a binding commitment to sell, lease, or sublease such real estate to an entity which meets the requirements of subparagraph (B), is engaged in commercial or industrial business, and is not affiliated with the seller or agent; and “(E) a policy of title insurance or title opinion is issued in connection with the transaction showing that title to the real estate purchased or leased is vested in the seller or lessor, subject only to such exceptions as may be approved in writing by such purchaser or the lessee prior to recordation of the instrument of conveyance or execution of the lease, but (i) nothing herein shall be construed as requiring the recordation of a lease, and (ii) any purchaser or lessee may waive, in writing in a separate document, the requirement of this subparagraph that a policy of title insurance or title opinion be issued in connection with the transaction.” 88 Stat. 737 (c)(1) The second sentence of section 1404(b) of such Act is amended— (A) by striking out “within forty-eight hours” where it first appears and inserting in lieu thereof “until midnight of the third business day following the consummation of the transaction”; and (B) by striking out all after “provide” and inserting in lieu thereof a period. (2) The amendments made by paragraph (1) shall be effective sixty days after the date of the enactment of this Act.