Interstate Land Sales Full Disclosure Act of 1968
- Interstate Land Sales Full Disclosure Act of 1968
The Interstate Land Sales Full Disclosure Act of 1968 (ILSFDA or commonly referred to as ILSA) was a law that was passed by the United States Congress to facilitate regulation of interstate land sales, to protects consumers from fraud and abuse in the sale or lease of land. In 1968 Congress enacted the Interstate Land Sales Full Disclosure Act, which is patterned after the Securities Law of 1933 and requires land developers to register subdivisions of 100 or more non-exempt lots with HUD and to provide each purchaser with a disclosure document called a Property Report [cite web |url=http://www.hud.gov/offices/hsg/sfh/ils/ilshome.cfm |accessdate=2008-10-08|title=HUD Interstate Land Sales] . The Property Report contains relevant information about the subdivision and must be delivered to each purchaser before the signing of the contract or agreement.
External links
* [http://www.carmel.us/askCarmel.php?go=show1Question&id=46 Article about ILSFDA] at [http://www.carmel.us Carmel & Carmel, P.C. Law Firm]
References
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