A proposed amendment seeks to avoid swampland frauds

posted on Thursday, October 2nd, 2014 by Marketing Director

A new amendment to a 1968 law seeks to fix loopholes in the modern developer-buyer relationship. Under state regulations, developers can sell condo units before a shovel ever goes in the soil. The original Interstate Land Sales Full Disclosure Act was written to protect buyers from acquiring swamplands but not necessarily for condo sales.

However, if this new amendment gets signed into a bill, the consequences for developers who do not deliver could be severe. The law (and its compliance) is expected to get heavily monitored. The proposed amendment already passed the Senate this past September.

For the full article, click here.