The ILSA Condo Exemption – Not Out of the Woods Yet
The Interstate Land Sales Full Disclosure Act (ILSA) is a federal statute that aims to prevent land sales fraud and uninformed purchases of unimproved real property by requiring registration of subdivisions with the Consumer Financial Protection Bureau and pre-contract consumer disclosure of a property report. ILSA includes among its remedies an automatic right of rescission, even for closed transactions and without any proof of harm, and it therefore has been a popular statute for bringing buyer’s remorse claims when the real estate market suffers a downturn. Since there are several drawbacks to registering under ILSA – including cost, time, administration, and substantive purchase contract requirements – developers generally seek to obtain the advantage of an exemption. Read the article…………..
CCOC has worked very hard during the past several years to try to get legislation passed that gives unit owners
A bill to continue Great Recession-era relief to homebuilders and bulk buyers of bank-owned condominiums was approved in House Finance
Oral arguments, Illinois Supreme Court, of a major case. The Appellate Court held that the duty to pay was not absolute.