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Rai v. WB Imico Lexington Fee, LLC

This case presents the question whether a land developer who sends a “property report,” as defined by Section 1707 of the Interstate Land Sales Full Disclosure Act (“ILSA”), to an attorney representing a purchaser meets Section 1703’s requirement that the report be “furnished to the purchaser.” At the invitation of the Court, the Bureau filed a brief answering that question in the affirmative. The brief argues that neither the text of ILSA nor its implementing regulations address the question and that, consistent with background principles of agency law, the requirement that the report be “furnished to the purchaser” is satisfied when it is furnished to the purchaser’s attorney.

Full brief

Rai v. WB Imico Lexington Fee, LLC

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