Back when this Blog was in its infancy our partner, Kristin Boose, reported on the then legislative environment relating to the Interstate Land Sales Full Disclosure Act of 1968. As many of you already know the Act is broad in its application and can be dangerous to a developer if not complied with to the letter. Given the downturn in the real estate market in the last several years Congress saw fit to pass (410-0) H.R. 2600 which amends the Act to exempt out condominiums from Act’s registration requirements. The Senate version of H.R 2600 is awaiting action.
The timing might be very good as this will reduce the red-tape for the development of condominium projects as new construction heats up.