Akerman Senterfitt
Buyer's Remorse Prompts Appellate Court Decision
Published in Law and Health Weekly, January 10th, 2009
Property values reached an all time low this year compelling many condo speculators to back out of contracts in order to minimize their losses. Cases surfaced where plaintiffs sought to rescind their sales contracts, accusing developers of failure to comply with certain disclosure requirements mandated by the Interstate Land Sales Full Disclosure Act (ILSA). Last week, however, many plaintiffs reached a dead end with those allegations.
On December 9, the Eleventh Circuit issued the first opinion in the country from a circuit court of appeals addressing the split of authority among the federal district and state courts on whether builders, whose developments are...
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