Recent Rulings Shake Condominium Market

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It is no surprise that many purchasers of condominium units in the New York metropolitan area want out of their contracts due to the precipitous decline in real estate values, particularly in the new construction arena. Several recent court rulings have afforded purchasers valuable weapons while confounding developers already suffering severe economic pain in this market.

By now, most real estate practitioners have at least heard of the Interstate Land Sales Full Disclosure Act (ILSA) and the surge in contract rescission claims made by purchasers of newly constructed condominiums. ILSA is a federal law that requires developers to register non-exempt projects with the United States Department of Housing and Urban Development (HUD) and to comply with extensive disclosure procedures, some of which are duplicative of the stringent disclosure requirements of the Office of the New York State Attorney General and under the Martin Act. We have helped clients take advantage of statutory exemptions to ILSA, but sometimes the exemptions do not apply.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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