What Condominium Developers and Homebuilders Need to Know About the Interstate Land Sales Full Disclosure Act.
Mondaq Business Briefing › Nbr. 2010, January 2010
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What Condominium Developers and Homebuilders Need to Know About the Interstate Land Sales Full Disclosure Act.
Robert Chasnow is a Partner in our Washington D.C. office.
REGISTRATION, EXEMPTIONS AND OTHER KEY ISSUES Now more than 40 years old, the Interstate Land Sales Full Disclosure Act (ILSA) (15 USC s.s. 1701 et seq.) was enacted into law in 1968 early in the ascendant consumer and environmental protection era in the United States. Its impact on condominium developers and homebuilders has received much scrutiny - especially in the past five years, with unprecedented litigation involving purchasers seeking rescission or damages from condominium developers and homebuilders who sold them condo units and single-family homes. This article is designed to help untangle the sometimes contradictory case results by a review of ILSA from the perspective of the practical considerations of the alternative compliance methods: registration and the main app...See the full content of this document
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