Recent Line of Court Decisions Alters “Under 100 Lot” Exemption to Interstate Land Sales Full Disclosure Act (“ILSA”)
By: Eric J. Neuman, Esq., Buckingham Doolittle & Burroughs, LLP
In Pugliese v. Pukka Development, 524 F.Supp.2d 1370 (S.D. Fla. 2007) the Federal U.S. District Court for the Southern District of Florida issued a decision that directly contradicts existing Florida State caselaw regarding the impact of a developer’s qualifying for the so-called “Under 100 Lot” exemption from the Federal Interstate Land Sales Full Disclosure Act 15 U.S.C. 1701 et seq. (“ILSA”).