Real Estate Alert February 6, 2009
It does not take an expert to realize that we are living in tough economic times, but it takes an expert to help you navigate through the murky waters of our ever-changing real estate market. Nexsen Pruet's Real Estate Practice Group wants to provide you with the information and tools you will need to get to dry land unscathed and ready to make your next deal. To that end, our group plans to send timely alerts on changing conditions in the market similar to the information below:
On January 14, 2009, No-Condo.com announced the establishment of its portal and law firm referral platform to assist condominium purchasers in canceling their contracts and obtaining deposit refunds.
The basis for canceling these contracts is the developer's failure to comply with the requirements of the Interstate Land Sales Full Disclosure Act (the "Act") and/or state registration statutes. The Act applies to any subdivision of land including lots, residential and commercial condominiums and timeshares. Failure of a developer to register under any applicable state registration statutes, the Act or fully comply with any exemptions to the Act may allow a purchaser to rescind their contract or require the developer to repurchase the property within two years of the date a purchaser signs a sales contract.
Our group wanted to inform you of this press release for two reasons. First, purchasers (and plaintiff's attorneys) are actively looking for ways to get out of their contracts or purchases of condominiums or lots. Second, as a developer, it is imperative that you are in compliance with the registration requirements of the Act, any exemptions to the Act, and/or any applicable state registration statutes in order to ensure that you have a binding contract and/or sale. The burden of proof for compliance with the Act or claim of an exemption to the Act is on the developer.
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