The modern real estate developer is encountering exposure like never before.
We live in a generation where the internet is used to purchase all types of commodities, including homes; and what’s more - sometimes purchasing homes “sight unseen.” Developers and their marketing and sales teams have brilliantly leveraged the internet to reach expansive domestic and international markets. This, of course, is an efficient and economical marketing method; however, it imposes greater compliance obligations.
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The federal government and many States have enacted consumer protection laws requiring developers to deliver lengthy disclosures to purchasers who are offered property through interstate activities. In light of these laws, one benefit of bygone marketing methods is that there is little to no ambiguity in how and from whom a consumer receives a communication. When mailing materials to a specific zip code, dialing a specific telephone number, or publishing an ad in a local magazine available only in a specific geographical area, developers have a lot more control over who their recipients are. Many of these methods are supplemented with, if not entirely replaced by, marketing via electronic means. With anyone anywhere in the world at any time being able to access a project’s website, algorithms directing ads to consumers, email blasts, and electronic correspondence, much of the control afforded by older, deliberate marketing methods has been lost and salespeople representing developers may now find themselves unwittingly violating one or more of the aforementioned state and federal laws.
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Most recently, federal and state agencies are minimizing the scope of interpretation of their laws, leaving little room for flexibility. Similarly, there is intensifying scrutiny from remorseful buyers who may seek to void purchase agreements. When values of real estate rise, a developer or a financial partner can too easily dive into a broad marketing program without fully understanding the potential risks. Awareness of and compliance with the litany of laws governing the interstate offer and sale of real estate is as important now as it was 30 years ago, if not more. The savvy developer can protect its investments by integrating strong compliance measures into its marketing and sales programs.
That’s where we come in.
At Carmel & Reyes we deal exclusively with the myriad of state and federal laws regulating the marketing and sale of subdivided land, condominiums, and timeshare and other fractional interest programs - this is all we do. Carmel & Reyes is the clear choice if you value experience and expertise.