Future Sales Not Covered In Land Sales Act, 4th Circ. Says

Law360, New York (May 2, 2012, 3:45 PM EDT) -- The Fourth Circuit on Tuesday largely upheld an award to plaintiffs claiming a developer misrepresented The Ritz-Carlton Hotel Co.'s involvement in the management of a luxury community, saying the developer inappropriately counted future sales when calculating its exemption from certain disclosures under the Interstate Land Sales Full Disclosure Act.

The court upheld the Virginia federal court's award of equitable rescission, including the $1,674,000 purchase price and prejudgment interest on the equity that Keith and Courtney Nahigian used to buy an undeveloped lot in Creighton Farms, a...
To view the full article, register now.