The Interstate Land Sales Full Disclosure Act includes registration and disclosure requirements for the sale or lease of condominium units. This requirement for registration and disclosure is in addition to other statutory registration and disclosure requirements, such as those that exist in New Jersey.
The President has signed a Bill which serves to exempt from the requirements of the Act, the sale or lease of condominium units which are subject to other statutory registration and disclosure requirements. This new Bill which was signed into law on September 26, 2014, by President Obama will become effective 180 days from this signing.
The Bill includes a definition of a condominium unit so that it is clear as to what type of property the exemption applies. Other provisions of the Act regarding fraud and misrepresentation are unaffected by the new exemption.
If you would like additional information please contact one of our WJ&L real estate or land use attorneys.