Interstate Land Sales Full Disclosure Act: Emerging Legal Threat
Avoiding Contract Rescission, Fines and Penalties Under ILSA
Recording of a 90-minute CLE webinar/teleconference with Q&A
Conducted on Thursday, February 4, 2010
Recorded event now available
This CLE webinar will explain how buyers are strategically using ILSA to escape purchase contracts. The panel will offer legal strategies for developers to avoid liability under ILSA and protect deals.
Description
Litigation involving the Interstate Land Sales Full Disclosure Act (ILSA) has exploded as the real estate market took a nosedive. Buyers, desperate to get out of purchase contracts, are increasingly asserting ILSA non-compliance by developers as a basis for contract rescission.
Because ILSA contains a number of complex technicalities, courts have inconsistently interpreted the Act. Developers are constantly navigating the potential legal landmines within ILSA. In the current environment, developers must rely on the various ILSA exemptions to protect deals.
Listen as our panel of real estate attorneys examines how buyers are using ILSA to escape purchase contracts and how developers can respond to this strategy. The panelists will suggest legal tactics for developers to avoid liability under ILSA and protect purchase deals.
Outline
- Interstate Land Sales Full Disclosure Act (ILSA)
- Overview of Act
- Exemptions
- Penalties for non-compliance
- Recent ILSA developments
- Current litigation trends
- Recent case law interpreting Act and its exemptions
- Defending against ILSA claims
- Does ILSA apply to the development project?
- Do any ILSA exemptions apply?
- Does the statute of limitations bar a lawsuit?
Benefits
The panel will review these and other key questions:
- How are courts interpreting the Interstate Land Sales Full Disclosure Act (ILSA) in the current economic climate?
- What are the most common exemptions for developers to avoid the registration requirements of ILSA?
- What defenses have been most effective when litigating claims under ILSA?
- What proactive steps should developers take to ensure ILSA compliance on the front end of pre-construction sales?
Faculty
Richard C. Linquanti,
Shareholder
Carlton Fields, St. Petersburg, FL
He practices primarily in law relating to land business, including finance (borrowing and lending sides), business planning and implementation, front-end transaction structuring, partnerships, limited liability companies, and joint ventures, land use, and condominium, mixed-use and master communities.
Adam K. Feldman,
Of Counsel
Brownstein Hyatt Farber Schreck, Denver
He counsels lenders, developers and associations in real estate acquisition, disposition, financing, hospitality, leasing and other matters. His practice focuses primarily on commercial real estate development with specific emphasis on Common Interest Communities. He is proficient in analyzing the applicability and effect of the Interstate Land Sales Full Disclosure Act to development projects.
Rebecca Anderson Fischer,
Member
Sherman & Howard, Denver
Her practice focuses primarily on commercial and mountain resort real estate construction, financing and development, commercial leasing, and common interest community law. She has served on the faculties of a number of continuing legal education programs on resort development and advanced commercial leasing issues.
Ordering
Online CLE - Audio Recording
Includes audio streaming of full program plus handouts (available 24 hours after live seminar).
CLE:
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Program Materials
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Customer Reviews
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Real Estate Law Advisory Board
Partner
Ballard Spahr Andrews & Ingersoll
Partner
Stroock & Stroock & Lavan
Partner
Robinson & Cole
Of Counsel
Jenner & Block
Partner
Bryan Cave
Partner
K&L Gates
Counsel
Thompson Hine
Partner
Jones Day
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