Florida Property Rights Attorneys

Serving all of Florida

Federal Interstate Land Sales Full Disclosure Act

Congress enacted the Interstate
Land Sales Full Disclosure
Act (ILSA) in 1968. This law is patterned after the Securities Act of 1933, and requires subdivisions with 100 or more non-exempt lots to provide each purchaser with a disclosure agreement called a Property Report. This report provides information about the subdivision and must be given to each purchaser prior to their signing a contract or agreement.

Property Report

A Property Report is a record which lists information regarding the home or condominium being purchased. This list includes:

• Property address
• Ownership information including mailing address
• Location information including county, city, ZIP code, subdivision and lot number
• Property characteristics including year property was built, square footage, room total, types of construction material used (masonry, shingles, concrete, plaster, and more)
• Site information including water and sewer type
• Tax and assessment information including the total assessed value, the market value, and tax exemptions - if any
• Last owner transfer information including deed type, sale date, and sale price - if any
• Last market sale and mortgage information including price per square foot, lender bank, and mortgage type
• Prior market sale and mortgage information
• Neighborhood area information including the school district, mail route, and neighborhood code

If a Property Report is not provided to a potential purchaser, the developer or person selling the property may be found in violation of ILSA. Action may also be brought against developers for violations such as falsifying the Property Report by not disclosing the presence of lead paint, a bad foundation or more.

In addition, developers try to use exemptions to ILSA in order to avoid their obligations covered under Anti-Fraud Provisions and Registration Requirements. They may try to avoid registration with the Department of Housing and Urban Development by claiming there are less than a certain number of lots, wiggle out of completing construction within the obligatory two years, or otherwise fail to meet requirements set forth in ILSA.

If you suspect a developer or seller may have violated ILSA, and you live in the area of Miami, Jacksonville, Fort Lauderdale, Naples, Fort Myers, or Orlando, Florida, please contact our Florida Property Rights Attorneys at the Florida Property Rights Law Firm. We are dedicated to helping prospective Florida home buyers with property related problems.