News & Analysis as of

Condominiums ILSA

Carlton Fields

The History of Condominium Development Rhymes: Contract Purchasers Are Again Seeking to Get Out of Purchasing Condominium Units

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Following the real estate crash of 2008, many condominium developers nearing completion of their projects issued notices of completion only to find themselves facing lawsuits from their contract purchasers, who were looking...more

Carlton Fields

The ILSA Condo Exemption – Not Out of the Woods Yet

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The Interstate Land Sales Full Disclosure Act (ILSA) is a federal statute that aims to prevent land sales fraud and uninformed purchases of unimproved real property by requiring registration of subdivisions with the Consumer...more

Ballard Spahr LLP

Condominium unit ILSA sales exemption now effective

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Effective March 25, 2015, the sale of condominium units are no longer subject to the registration requirements of the Interstate Land Sales Full Disclosure Act (ILSA) under a new exemption. This new exemption applies only to...more

Ballard Spahr LLP

Condominium Unit Sales Exemptions and Compliance under ILSA Requirements

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As discussed in Ballard Spahr’s previous alert sent on September 24, 2014, effective March 25, 2015, the sale of condominium units will no longer be subject to the registration requirements of the Interstate Land Sales Full...more

Carlton Fields

New Condominium Exemption To The Interstate Land Sales Full Disclosure Act

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As we previously reported, a significant amendment to the Interstate Land Sales Full Disclosure Act (ILSA) becomes effective on March 26, 2015. HR2600 adds an exemption from registration for a “condominium unit.” This is a...more

Stoel Rives LLP

Condominium Law Alert: Condominium Units Now Exempt from ILSA Registration

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On September 26, 2014, President Obama signed H.R. 2600, which amends the Interstate Land Sales Full Disclosure Act (“ILSA”) to exempt condominium pre-sales from the registration requirements of the ILSA. ...more

Goulston & Storrs PC

Completed Condominium Units to be Exempted from ILSA Registration Requirements

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A bill exempting completed residential condominium units from the burdensome registration provisions of the Interstate Land Sales Act (“ILSA”) was passed by the U.S. Senate on September 18, 2014, after earlier passage by the...more

Sherman & Howard L.L.C.

Congress Exempts Condominiums from Interstate Land Sales Registration Requirements

In a major break-through for condominium developers, on September 18, 2014, the United States Senate voted unanimously to adopt an amendment to the Interstate Land Sales Full Disclosure Act (often called “ILSA”) that will...more

Carlton Fields

Congress Exempts Condominiums from ILSA Registration

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Last night, the U.S. Senate unanimously approved S. 2101, which would amend the Interstate Land Sales Full Disclosure Act (ILSA) to exempt condominium developments from its registration requirements. The Senate version is...more

Snell & Wilmer

A Glimmer of Hope for Condominium Developers

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On September 26, 2013, the House of Representatives took a major step in simplifying the sale and lease process for condominium developments, voting 410/0 in favor of H.R. 2600, introduced by New York Republican...more

Bilzin Sumberg

Condo Developers May Be Getting Relief From Washington

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The House of Representatives of the U.S. Congress, in a surprising nonpartisan move, passed H.R. 2600 on September 26, 2013. This bill, submitted by New York Congresswoman Carolyn Maloney, exempts developers of condominiums...more

Carlton Fields

Congress Takes First Step Toward Exempting Condominiums From Registration Under ILSA

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On September 26th, by a vote of 410-0 (with 22 representatives not voting), the U.S. House of Representatives approved H.R. 2600, which would amend the Interstate Land Sales Full Disclosure Act ("ILSA") to exempt condominium...more

Bilzin Sumberg

Three Florida Homeowners And Condo Associations Bills Passed By The 2013 Legislature

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Three condominium and homeowners bills were passed by the Florida legislature: House Bill 73, Senate Bill 120, and House Bill 7119....more

Ballard Spahr LLP

Second Circuit ILSA decision follows CFPB position

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The decision of the U.S. Court of Appeals for the Second Circuit in Berlin v. Renaissance Rental Partners, LLC issued on May 6 represents a win for the CFPB’s amicus program. At the court’s invitation, the CFPB filed a letter...more

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