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1968 Law Garners Attention

Real state developers should be aware of an esoteric federal law garnering attention in the press. The 1968 law, the Interstate Land Sales Full Disclosure Act, has recently enabled a number of condominium purchasers to be released from their contracts without forfeiting their down payments. Generally under the Act, developers of condominiums with at least 100 units are required to provide buyers detailed property reports and file a report with the federal Department of Housing and Urban Development. With some exceptions, the purchaser may cancel the contract if the reports are not filed within two years. One key exception is that if the developer legally obligates itself to complete the project within two years, it does not have to file these reports.

For more information on the Act, please click here: http://www.law.cornell.edu/uscode/15/usc_sup_01_15_10_42.html 

For recent press coverage on this Act, please click here: http://www.nytimes.com/2010/10/21/nyregion/21condos.html 

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