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ILSA - Interstate Land Sales Disclosure Act Update 2012
Elected officials, led by Congresswoman Carolyn Maloney, have introduced a bi-partisan bill, the Interstate Land Sales Disclosure Act Update 2012, to give condominium developers and their lenders some clarity about federal disclosure requirements as the economy continues to recover.
Enacted in 1969, the Interstate Land Sales Act (ILSA) was created to protect consumers of undeveloped land, mostly out-of-state buyers, from false advertising and provide a right of action to rescind contracts. ILSA was not intended to regulate built developments and high-rise unit sales.
ILSA was not applied to high-rise condominiums until 2008 when the real estate market crashed and purchasers’ lawyers looked for ways to escape new condo development contracts. Cases were filed in New York, Florida and throughout the country claiming technical violations of ILSA and demanding full rescission of contracts. Judgments in favor of purchasers were devastating to developments and the real estate industry.
This proposed legislation would amend ILSA so that condominiums sales are distinguished from other types of land sales, recognizing the unique conditions under which these units are sold in today’s market.
REBNY (Real Estate Board of New York) supports this bill which would not have been introduced without the leadership of Rep. Carolyn Maloney (D-NY). ... more

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