The Interstate Land Sales Full Disclosure Act, a federal statute that was initially designed to prevent unscrupulous land sales of desert land in Arizona and marsh land in Florida, has been one of the primary weapons employed by buyers seeking to recover their contract deposits as a result of the economic downturn starting in 2008.
Developers’ failure to comply in various respects with ILSA’s provisions or exemptions have permitted buyers in many cases to cancel their purchase contracts and obtain a return of their deposits. A recent case from a federal appellate court, however, may have made it more difficult for buyers attempting to rescind their contracts and make life simpler for developers’ attorneys.
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