Bill amending condo sales requirements signed by President Obama

On September 26, 2014, President Barack Obama signed into law H.R 2600, a bill to amend the Interstate Land Sales Full Disclosure Act (ILSA) to clarify how the act applies to condominiums. The Senate approved the measure by unanimous consent as one of the last items considered before it adjourned for the election recess. As amended, the ILSA will treat the sales of condominiums still under development in the same manner as condo sales in completed projects. By doing so, the bill closes the loophole that allowed buyers to use a technicality to rescind otherwise valid real estate contracts due to personal financial reasons or "buyer’s remorse."

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