Martin J. Doyle and Bruce P. Bowen, partner and special counsel, respectively, in the Real Estate Practice Group, cover in this article how buyers wishing to extricate themselves from a real estate purchase can use the Interstate Land Sales Full Disclosure Act (ILSFDA).
The ILSFDA was enacted in the 1960s to curb fraud in interstate land transactions, such as Florida swamplands. It requires developers to comply with anti-fraud provisions and other disclosure requirements. If it is revealed that these provisions and requirements are not met, the buyer may terminate the agreement or rescind a sale for up to two years after the agreement is signed. The article examines how the Act has been used in recent years to negate an interstate real estate deal.