Industry NewsMarkets & Economy

No money back for remorseful buyers

From The Real Deal
Published on Mar 16, 2010

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by CareyBot

A federal appellate court decision last month has strengthened the hand of developers as they fight thousands of lawsuits across the country from condominium unit buyers trying to get out of contracts signed during the boom.

A December analysis by The Real Deal showed that hundreds of buyers in New York were trying to use a federal disclosure law called the Interstate Land Sales Full Disclosure Act, or ILSA, to renege on their contracts.

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