A new bill headed to the desk of President Barack Obama could save condominium developers millions in rescinded deposits.
The proposed S.2101 would amend the Interstate Land Sales Full Disclosure Act, which in the past has been used by those with buyers remorse to escape real estate contracts, according to the Daily Business Review.
“The way the law was written, it was difficult to comply with it,” said Gary Saul, a Greenberg Traurig shareholder and co-chair of the firm’s Miami real estate practice. “It became a huge trap.”
The U.S. Senate this month unanimously approved a bipartisan bill to strike down the registration requirements for condo and timeshare projects with 99 or more units.
If the bill passes, developers of new condos and timeshares would no longer have to register their buildings with the U.S. Department of Housing and Urban Development. [Daily Business Review] – Christopher Cameron