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Second Circuit Construes ILSA to Rescue Condominium Purchasers

By Stewart E. Sterk

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.

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