Single-Floor Condos Are Considered Lots, 2nd Circ. Says

Law360, New York (May 06, 2013, 5:16 PM ET) -- The Second Circuit ruled Monday in a precedential opinion that a single-floor condominium in a multistory building is considered a “lot” and therefore subject to disclosure and reporting requirements under the Interstate Land Sales Full Disclosure Act.

Affirming a lower court's decision, the appeals panel found that because the Consumer Financial Protection Bureau and the Department of Housing and Urban Development define the term “lot” to require “the exclusive use of ... land,” and “land” can be used as a term of art meaning “realty,” the...
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