Feature

The Interstate Land Sales Full Disclosure Act: Often Overlooked

By Judyann M. Lee

Developers of residential subdivisions are usually aware of state and local requirements for the registration of their projects with applicable state and local government agencies. They are also aware that state and local laws require certain disclosures in their consumer sales contracts, but they often overlook the registration and disclosure requirements of the federal Interstate Land Sales Full Disclosure Act (ILSA), 15 U.S.C. §§ 1701-1720, and that could be a costly mistake.

A developer should state in its sales contract or lease of exemption

A developer should state in its sales contract or lease of exemption

(credit: iStockPhoto)

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