Judyann Lee, a real estate attorney with McMillan Metro, P.C, recently published an article in the November/December 2020 issue of Probate & Property, a Magazine of the American Bar Association, Real Property, Trust and Estate Law Section.
The article provides readers with an overview of the variety of issues that have arisen due to the Interstate Land Sales Full Disclosure Act’s exemptions and applications. The Interstate Land Sales Full Disclosure Act (ILSA) is an act that was passed by Congress in 1968 in order to help facilitate regulation of interstate land sales and to protect consumers from fraud and abuse in the sale or lease of land.
In her article, Judyann emphasizes that developers of subdivisions often overlook the registration and disclosure requirements of ILSA, which can be a costly mistake:
“Given the hefty civil and criminal penalties available to the CFPB for enforcement and the revocation remedy available to purchasers, developers and their attorneys must carefully examine the applicability of ILSA to the marketing and sales of their projects.”
Judyann details specifics about what subdivision developers should be aware of during development and sales. Probate & Property is a bi-monthly publication of the American Bar Association that provides attorneys with the latest information about real estate, estate planning, and wills and trusts so they can better serve their clients. Read Judyann Lee’s full article here.
Judyann Lee’s real estate practice focuses primarily on issues related to homeowners associations, commercial, residential and mixed-use projects, condominiums, cooperatives, and timeshare resorts. Learn more about her practice or contact her today.