Fraud And Developer Misrepresentation
Do you want to get your deposit back on a pre-construction condominium? At the Law Offices of Bilu & Bilu we protect our client's interests by ensuring that the developers of the condominiums have not violated any of the rights that purchasers of condominiums enjoy under Florida and Federal law. Each case is considered based on the facts of that particular case, and you may be able to make a claim against the developer for violations of Florida law including breach of contract, fraudulent or negligent misrepresentation, fraud in the inducement, publication of false or misleading information or for deceptive and unfair trade practices..
Interstate Land Sales Full Disclosure Act
In 1968, Congress enacted the Interstate Land Sales Full Disclosure Act (ILSFDA), 15 U.S.C.S. § 1701 (1998). In enacting the law, it was Congress' intent to eliminate fraud in transactions involving the interstate sales of land. The law was needed to curb the rise of so-called boiler room operations that formed to sell swamp and desert land to unsuspecting land buyers. Briefly stated, the law requires certain disclosures in connection with the sale of vacant land. Despite numerous challenges since its enactment, the Interstate Land Sales Full Disclosure Act has passed constitutional muster.
Today, the Law Offices of Bilu & Bilu use the protections afforded by the ILSFDA to represent buyers of pre-construction residential condominiums to ensure that Developers comply with the terms of the Contract. Essentially the act requires every developer of a condominium or housing development in excess of 100 units to provide each purchaser with a comprehensive disclosure document called a 'Property Report' prior to signing any purchase agreement or contract. While many developers elect to either provide the Property Report or to utilize one of the exemptions to ILSFDA compliance, given the complexities of ILSFDA compliance, many developers either provide an insufficient Property Report or claim an exemption but then fail to properly qualify for the exemption.
The Law Offices of Bilu & Bilu challenge the developers' failure to properly comply with ILSFDA by advocating for the purchaser to rescind and terminate the contract, recover all deposits (plus interest) and be awarded attorney fees and costs.