Legal Alert - A Glimmer of Hope for Condominium Developers
by Brian Cheney
On September 26, 2013, the House of Representatives took a major step in simplifying the sale and lease process for condominium developments, voting 410/0 in favor of H.R. 2600, introduced by New York Democrat Congresswoman, Carolyn Maloney. The bill must now be considered by the Senate and President Obama and, if passed, the Interstate Land Sales Full Disclosure Act (“ILSA”) would be amended to exempt the sale and lease of condominium units from the existing registration and disclosure requirements under the statute.
[Read the full alert.]