Interstate Land Sales Full Disclosure Act: What's Now and What's Next?

In today’s environment, a number of consumer-owners of new condominium units, single family homes, and home sites who purchased within the past three years are trying to back out of their purchases via claims under the Interstate Land Sales Full Disclosure Act, ILSA. Many condominium developers and home builders who are subject to the federal ILSA do not understand how best to defend themselves against such efforts; key defenses will be analyzed and evaluated. This OnDemand Webinar will explore how to draft unit purchase agreements to comply with the completed home exemption or when facts and circumstances would indicate consideration of registration. Order this OnDemand Webinar and learn how the courts have provided signals which help keep these sales from slipping away. The important, and confusing, statutes of limitations will be explained, as well as the substance and details of contract compliance with ILSA exemption standards providing insight and detail on key exemptions and registration. A glimpse into ILSA’s future may yield important benefits.

Whether to defend against rescission for sales already made or to increase the chance of compliant future sales, this live audio conference is critical for strengthening ILSA compliance to withstand and overcome purchaser claims from past sales based on allegations of ILSA violation and take pro-active steps to avoid such claims in the future.

Authors

Agenda

Where Is ILSA Now?

• Litigation
• Statute of Limitations
• 2nd Circuit Court of Appeals
• 'Recordable' Lot Descriptions
• Exemption Guidelines Under Attack
• Major Changes in ILSA/HUD Program Staff

Where Is ILSA Headed?

• Transition of ILSA Administration and Enforcement From HUD to the Newly Formed Federal Consumer Financial Protection Bureau (CFPB)(Scheduled for July 2011)

- Possible Lines of Change-Initiatives to Amend the ILSA Statute

- Minimizing Exemptions From Registration Combined With Simplified Registration

- Special Focus on Condominiums: Look for CFPB to Attempt to Maintain Jurisdiction and for the Condominium Industry to Seek Clear Exclusion

- Less Sweeping Changes to the Statute but Tightening Exemptions and Key Definitions

- Taking a Look at Owner Associations, Including Budgets, Developer's Obligations, and Financial Statements

• Compliance in Uncertain Times

- Two-Year Completion Obligation to Condominium and Home Sales, Including How Innocuous Clauses Can Undercut Safe Harbor and Force Majeure Considerations

- When to Consider Registration, Including Benefits and Risks to Registration, Streamlining the Registration Process and Maintaining a Safe and Effective Registration

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