Lawsuits to Recover Deposit - Interstate Land Sales Act
Started by GeorgeK
over 17 years ago
Posts: 35
Member since: Nov 2008
Discussion about
I am trying to recover a deposit on a new development condo. I found out that another person in the same building (The District) is suing the Sponsor to recover under the Interstate Land Sales Act. Apparently, if there are over 100 units, the property must be registered with HUD and a property report distributed to prospective buyers. This was not done. This possibility was also covered in an... [more]
I am trying to recover a deposit on a new development condo. I found out that another person in the same building (The District) is suing the Sponsor to recover under the Interstate Land Sales Act. Apparently, if there are over 100 units, the property must be registered with HUD and a property report distributed to prospective buyers. This was not done.
This possibility was also covered in an article in Sunday's NY Times.
This lawsuit was filed in Federal District Court by Wilentz, Goldman and Spitzer. I would appreciate if anyone can share any thoughts on this type of action, including:
1. Has anyone been successful in recovering their deposit under this Act?
2. Do these cases get taken on a contingency basis?
3. Any thoughts on the Wilentz firm? Are there other law firms that others have used in this type of action that they can recommend?
4. How does this fit in with an action through the NYS Attorney General which I am also pursuing?
Thanks for any thoughts you may have.
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Response by rbegun
over 17 years ago
Posts: 3
Member since: Jan 2009
I would also like to know if there has been any success with the Land Sales Act. Does anyone know if there are any lawsuits pendingfor deposit treturn at 75 Wall
It states that many buyers are awaiting decisions. Anybody have a case that has been decided or in the Courts who can share the details?
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Response by front_porch
over 17 years ago
Posts: 5325
Member since: Mar 2008
I'm not an attorney, and I can't give legal advice, but as far as I know, ILSA has never been litigated in New York. You can look at rulings in other states, especially Florida, to see how other ILSA claims have been handled, but I don't think those rulings are binding on New York courts one way or the other. IMHO, it makes sense to stay in dialogue with your real estate agent and the developer even as you pursue other avenues of satisfaction.
ali r.
{downtown broker}
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Response by GeorgeK
almost 17 years ago
Posts: 35
Member since: Nov 2008
Any updates on ILSA litigation in NY? I know that 4 lawsuits have been filed under this statute for deposit recovery at the District condo at 60 Ann Street.
If anyone has a case going or decided would appreciate their thoughts.
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
Everyone's trying it , I have not heard of a ruling yet.
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Response by The_President
almost 17 years ago
Posts: 2412
Member since: Jun 2009
there is an article in the NY Times about this. According to the article, it seems that many buyers are settling rather than spending time and money on a full court battle. In most cases, the developer, especially a large one, can afford a long court battle. The buyer cannot. So I doubt too many buyers are going to see 100% of their deposit.
I would also like to know if there has been any success with the Land Sales Act. Does anyone know if there are any lawsuits pendingfor deposit treturn at 75 Wall
New article in Real Deal about ILSA:
http://ny.therealdeal.com/articles/buyers-look-to-40-year-old-federal-law-to-revoke-contracts
It states that many buyers are awaiting decisions. Anybody have a case that has been decided or in the Courts who can share the details?
I'm not an attorney, and I can't give legal advice, but as far as I know, ILSA has never been litigated in New York. You can look at rulings in other states, especially Florida, to see how other ILSA claims have been handled, but I don't think those rulings are binding on New York courts one way or the other. IMHO, it makes sense to stay in dialogue with your real estate agent and the developer even as you pursue other avenues of satisfaction.
ali r.
{downtown broker}
Any updates on ILSA litigation in NY? I know that 4 lawsuits have been filed under this statute for deposit recovery at the District condo at 60 Ann Street.
If anyone has a case going or decided would appreciate their thoughts.
Everyone's trying it , I have not heard of a ruling yet.
there is an article in the NY Times about this. According to the article, it seems that many buyers are settling rather than spending time and money on a full court battle. In most cases, the developer, especially a large one, can afford a long court battle. The buyer cannot. So I doubt too many buyers are going to see 100% of their deposit.