Rai v. WB Imico Lexington Fee

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Plaintiffs filed suit against Imico alleging that it failed to comply with disclosure provisions of the Interstate Land Sales Full Disclosure Act, 15 U.S.C. 1701 et seq., in connection with plaintiffs' attempt to purchase a condominium apartment. The court concluded that: (1) Imico complied with section 1703(a)(1)(B) by providing the property report to plaintiffs’ designated attorney; (2) Imico’s description of the lot was sufficient to meet the requirements of section 1703(d)(1); and (3) Imico is entitled to any interest that accrued on plaintiffs’ fifteen‐percent down payment while the deposit was in escrow.  Accordingly, the court affirmed the judgment of the district court insofar as it held that Imico did not violate section 1703(d)(1), but reversed the judgment insofar as it held that plaintiffs were entitled to rescind their contract due to Imico’s alleged failure to comply with section 1703(a)(1)(B). View "Rai v. WB Imico Lexington Fee" on Justia Law