New ruling may allow condo buyers to cancel deals!

They're going to appeal, so no implications yet.

This is not new, Every condo buyer trying to back-out is basing their case in whole or in part based on the inter-state land sales disclosure act. For years nobody paid attention, now it's the magic bullet. Many of these cases are being challenged. It was used in many of the Rushmore challenges by out of state residents.

The above two comments suggest this ruling is of no significance, but obviously it is quite significant if a federal district judge has ruled this way; of course it can be appealed but it means something when a district level court has ruled, and I doubt if it's 50/50 as to whether it will be upheld.

At a minimum this probably improves the bargaining position of those trying to get out of contracts, or obtain a reduced purchase price.

At a minimum this probably improves the bargaining position of those trying to get out of contracts, or obtain a reduced purchase price.

What exactly is considered a "recent" purchase? Three months, six months, one year, two years?

Properservice, if this is affirmed, it would apply to people who are in contract, whether they've been in contract for three months or three years, if 100 or more condo units have been sold in the development and the developers have not registered the purchasing contracts according to ILSA. I don't think it applies to people who have completed the purchase (and effectively bought their units.)

this pro-buyer ruling is very interesting because the ILSA suit at Fifth on the Park went the other way, pro-developer.

ali r.
DG Neary Realty