Federal Act Provides Mechanism for Purchasers and Lessees to Revoke Contracts Under Some Circumstances

A United States District Court of Appeals in New York reversed lower court’s ruling which granted summary judgment in favor of the purchasers of luxury condominium unit in New York City who were seeking revocation of an executed purchase agreement on the grounds that the agreement failed to comport with a federal act known as the Interstate Land Sales Full Disclosure Act (“Act”) (see 15 U.S.C. §§ 1701-20). The appellate court determined…