Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Second Circuit Construes ILSA to Rescue Condominium Purchasers
Does the Interstate Land Sale Full Disclosure Act (ILSA), which permits a buyer to rescind a purchase if the buyer has not received a statutorily mandated “printed property report,” apply to single-floor condominium units? In Berlin v. Renaissance Rental Partners, 2013 WL 1859140 (May 6, 2013), a divided Second Circuit concluded that a single-floor condominium unit qualifies as a “lot” within the meaning of the statute, enabling purchasers who had bought a luxury condominium unit before the 2008 real estate crash to escape from their now-unfavorable sale contracts.
The Statutory and Regulatory Framework
As the United States Supreme Court has observed, ILSA was enacted, in 1968, to “prevent false and deceptive practices in the sale of unimproved tracts of land by requiring developers to disclose information needed by potential buyers.” Flint Ridge Dev. Co. v. Scenic Rivers Ass'n, 426 U.S. 776, 778 (1976). The statute makes it unlawful for a developer to use instrumentalities of commerce to sell or lease “any lot” unless the developer has provided the purchaser with a printed property report in advance of the signing of the contract by the purchaser or lessee. 15 U.S.C. section 1703(a)(1)(B). The statute provides that if the seller does not provide the purchaser with the required property report before signing the contract, the purchaser has a right to rescind the contract within two years of its signing. 15 U.S.C. section 1703(c).
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?