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Real Estate Definition - Interstate Land Sales Full Disclosure Act

Interstate Land Sales Full Disclosure Act - 1968 federal law mandating that information be provided by sellers to buyers of property that is offered for sale across state lines or by using any of the traditional trappings of interstate commerce, including national advertising and use of the mails. Disclosure is in the form of a written property report, and must be given to a prospective purchaser before any offer is made. Buyers also have a seven-day "cooling-off" period in which they can rescind the offer.



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