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Interstate Land Sale Full Disclosure Act

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Developers must register developments with HUD.

In 1968 Congress enacted the Interstate Land Sale Full Disclosure Act, which requires developers to register with the U.S. Department of Housing and Urban Development (HUD). The act also requires developers to provide certain information to home buyers.

  1. Identification

    • The Interstate Land Sale Full Disclosure Act requires developers of subdivisions of a 100 or more non-exempt lots to register with HUD. The act has also been held to apply to condominium developments.

    Registration

    • HUD prohibits a developer from selling a lot without first registering the development. Subdivisions of fewer than 100 units or that can be completed within two years are exempt from registration. Once a community is registered, it must submit annual reports. Failure to comply with the registration requirement gives the purchaser a private right of action against the developer for damages.

    Property Report

    • The act also requires developers to provide buyers with a property report before the buyer settles on the property. The Report must include disclosures as set out in HUD regulations. HUD does not have the authority to enforce the amenities proposed in the property report. Instead, a purchaser can sue for damages for a developer's failure to provide amenities advertised in the report. A purchaser may also cancel the contract if a developer fails to provide the report.

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  • Photo Credit wood frame housing image by Daniel Gillies from Fotolia.com

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