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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)
1. Overview of Act
2. Exemptions
3. Penalties for non-compliance
Recent ILSA developments
1. Current litigation trends
2. Recent case law interpreting Act and its exemptions
Defending against ILSA claims
1. Does ILSA apply to the development project?
2. Do any ILSA exemptions apply?
3. 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: Pre-approved for participatory or non-traditional/alternate format credit in: CA, HI*, NY*, WV*. Pre-approved for self-study credit in: AK, AZ, MO, MT, TX, VT, WA.
Upon request, also available in: CO, CT*, FL, GA, ID, KY, LA, ME, NC, ND, NE, NH, NM, NV, OR*, SC, TN, UT, WI*, WY. If you are applying for credit in one of these states, make sure to select those states when placing your order.
(*Indicates that Strafford must report attendance.)

Online CLE Audio $149.00
Available 24 hours after the live event

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Recorded Event

Includes full event recording plus handouts (available after live seminar).

CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, HI, MO, MT, NY, TX, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, GA, ID, KY, ME, ND, NE, NH, NM, NV, OR, UT, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com.

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Available three business days after the live event

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Available ten business days after the live event

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Available ten business days after the live event

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Customer Reviews

A thoroughly professionally structured and presented program.

Roy Gowey

City of Coeur d'Alene

The program provided good legal references, good bullet points and good scope.

Tim Thomas

Kolesar & Leatham

The teleconference was efficient with a well-focused agenda. The speakers really seem to know the material and communicated it clearly.

Owen Hughes

Pfizer

One of the best CLEs outside my firm that I have attended in a long time. The materials and the dual perspectives were great and the comments on one another's presentations were very instructive.

Lisa Taylor Hudson

Sands Anderson Marks & Miller

Very timely. I also liked the references to current and recent suits.

John Devlin

Lane Powell

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