On September 18, 2014 Congress amended the Interstate Land Sales Full Disclosure Act (“ILSA”) to exempt condominiums from the filing and registration requirements. Originally intended to protect consumers against fraudulent land sales practices such as selling lots that were underwater or unable to obtain utility services, the federal courts and the Department of Housing and … Continue Reading
This post was written by Joe Marger and Leah Speckhard The Supreme Court’s refusal in February 2014 to hear the real estate driven Ninth Circuit case, Salameh v. Tarsadia, provided Condo-hotel owners and developers with relatively clear guidelines on how to avoid securities issues and/or litigation when selling Condominium units. The determination of what constitutes … Continue Reading
This is a follow-up to an earlier blog post on this issue in October, 2013. Last October, the U.S. House of Representatives voted to approve H.R. 2600, which would have expressly exempted condominium developments from the Interstate Land Sales Full Disclosure Act (“ILSA”). Ultimately, the bill was left to languish during the discussions surrounding the … Continue Reading
