The Interstate Land Sales Full Disclosure Act - A Land Mine Ready To Explopde For Condo Developers?
The Interstate Land Sales Full Disclosure Act (”ILSA”) is a federal law which was passed in the late 1960s to protect buyers of out-of-state land. Those were the days when parcels of vacant land might be advertised to far-flung speculators as promising wonderful development opportunities. Only once the land was purchased and the purchaser traveled to take a look at the parcel for the first time, it would turn out to be a worthless, isolated patch of desert or swamp with little or no potential to access the infrastructure or resources needed to sustain a viable development project. In the years since ILSA was passed, the law has been held to apply to condominium developments.
