In a recent Daily Business Review Board of Contributors column, Real Estate attorney Martin A. Schwartz discusses the effects that a recent New York federal appeals court decision may have on Florida condo buyers’ use of the Interstate Land Sales Full Disclosure Act to rescind their purchase contracts and the impact on condominium document production.
Up until the recent decision, interpretations of provisions in ILSA allowed Florida condo buyers to use the federal statute as a tool to cancel their contracts and obtain a return of their deposits. A recent case from a federal appellate court, however, may have made it more difficult for buyers attempting to rescind the contracts – by alleviating the necessity to record condominium documents prior to completion of the building – and making life a bit simpler for developers’ attorneys.
To read Martin Schwartz’s full article in the DBR, please click here.