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No money back for remorseful buyers

From The Real Deal

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article. By LUIS F. PEREZ 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. New York saw its first ILSA ruling in decades when a federal judge ruled in January that the developers of the Harlem condo Fifth on the Park were exempt from the ILSA statute, thereby rejecting two buyers' efforts to break their contracts and get their deposits back. The buyers said they planned to appeal that decision. Just days after the New York ruling, the Atlanta-based U.S. Co...