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…………..
Most swimming pools have a list of rules posted somewhere on the premises. We’ve all seen them. The rules contain
Many folks in various association groups on Social Media complain about the concept of shared ownership community governance and lament