b'How to Legally Raise Private MoneyIn the case of a real estate securities offering, this could be variously de-fined in the offering documents as:The date the investors subscription is accepted. Be careful not to sign and return the subscription agreement too soon. The date impounds are broken (when investor funds are used). The date the investors money is used to acquire the real estate, or some other specified event or timeframe. The determining factor on when the sale occurs is the point at which the issuer is no longer in a position to refund the investors funds if the investor were to get cold feet and want his or her money back.What is the Purpose of the Filing? The purpose of the Form D filing is to inform the SEC and the public of the responsible parties, identify the issuer of the securities, and place the world on notice that this issuer is claiming an exemption from regis-tration of its securities. The Form D notifies the SEC and state securities regulators that a security has been sold to investors and which exemption the issuer is claiming. Defending a charge of the unlicensed sale of securities or selling un-registered securities will likely consume all of the assets of the issuer and could result in a total loss of the investment made by all of its investors, each of whom could then sue the issuer for negligence, among other things. STATE SECURITIES NOTICES State Securities Notices for Rule 506 OfferingsAs we have previously discussed, one of the primary benefits of a feder-ally exempt Regulation D, Rule 506 securities offering is that it generally pre-empts additional state requirements regarding such things as impos-ing further limits on investor financial suitability, limits on investment amounts or agency pre-approval of a securities offering. However, even for a federally exempt offering, the offering and sale of securities are gov-erned at the state level by each states securities agency. Just like the Form D required by the SEC, state securities agencies want notice that an issuer is claiming the federal exemption and selling securities to its residents. 140'