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Expert Analysis

ILSA Amendment Could Turn Out To Be All Smoke, No Fire

Law360, New York (November 5, 2014, 10:47 AM EST) -- A recent amendment to the Interstate Land Sales Act will free condo developers from the handcuffs of the "two-year build exemption" that has historically allowed condo buyers to rescind purchase agreements for buildings that are not completed within two years of contract. This amendment causes a seismic shift in real estate condominium law, eliminating the buyers' "get out of jail free" card. Through the amendment, developers now have more certainty in their investments....

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