Interstate Land Sales Full Disclosure Act (ILSA) 2

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Chapter 8

Section 31 of 41

Before a buyer signs a contract, the developer must provide them with a detailed Property Report. This document reveals the ugly truth: soil conditions, distance to paved roads, utility availability, etc.The Consequence: If the developer fails to give the buyer the report before signing, the contract is voidable by the buyer.Even if the buyer gets the report and signs the contract, they have a 7-day right of rescission. They can wake up on Day 6, say "I made a mistake," and cancel the contract to get all their money back.Subdivisions with fewer than 25 lots are completely exempt. Sales of "Improved Land" (where a building exists or the seller contracts to build one within 2 years) are exempt.