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Eleventh Circuit Renders Landmark Decision on Application of the Interstate Land Sales Full Disclosure Act to Condominium Purchaser Litigation in Florida |
October 8, 2009
Previously published on October 5, 2009
On September 30, 2009, the U.S. Court of Appeals for the Eleventh Circuit published its long-awaited opinion on Stein v. Paradigm Mirasol, LLC, which marks a milestone in federal jurisprudence concerning the proper application of the Interstate Land Sales Full Disclosure Act ("ILSA or Disclosure Act") in condominium purchaser lawsuits in the state of Florida. ILSA is a detailed, complicated area of federal law occupying 20 distinct subsections of Chapter 42 of Title 15. ILSA is an anti-fraud statute, created to prevent sellers from defrauding out-of-state purchasers of land. The statute mandates registration of developments subject to ILSA, to register with the U.S. Department of Housing and Urban Development, and requires detailed disclosures, in the form of a property report, prior to closing.Should a seller of property subject to ILSA requirements fail to provide a property report to prospective purchasers, the purchaser has the right to revoke the contract.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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