What does the Interstate Land Sales Full Disclosure Act require from sellers?

The Interstate Land Sales Full Disclosure Act (ILSA) primarily aims to protect consumers from fraudulent practices in the sale of land, especially in interstate transactions. The correct requirement is that buyers must receive comprehensive disclosure documents prior to signing any purchase agreements. This disclosure includes important information about the land being sold, such as the terms of sale, details about the property, and any pertinent legal obligations. By providing these documents in advance, buyers can make informed decisions based on all necessary facts before committing to the purchase. This process ensures transparency and affords buyers the opportunity to assess the property critically, thereby enhancing consumer protection in real estate transactions.