Skip to Content

Governor Scott Signs Extension of Florida's Distressed Condominium Relief Act

On Friday, April 6, Governor Scott signed into law CS/HB 517, which, among other statutory changes, extends Florida's Distressed Condominium Relief Act ("Act"). Originally, the Act was scheduled to sunset on July 1st of this year. Now, the Act's sunset is extended to July 1, 2015.

The Act encourages the bulk purchase of condominium units in distressed condominium projects by protecting bulk purchasers from inheriting liabilities, both known and unknown, from the original developer. The Act also enables certain bulk purchasers to acquire and utilize certain rights of the original developer pertaining to sales and marketing of units and operations involving the condominium association. This extension is welcome news for potential bulk purchasers of distressed assets and will help the Florida condominium market's continued recovery.

 

Related Practices
Real Estate
Related Industries
Real Estate
©2024 Carlton Fields, P.A. Carlton Fields practices law in California through Carlton Fields, LLP. Carlton Fields publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information and educational purposes only, and should not be relied on as if it were advice about a particular fact situation. The distribution of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship with Carlton Fields. This publication may not be quoted or referred to in any other publication or proceeding without the prior written consent of the firm, to be given or withheld at our discretion. To request reprint permission for any of our publications, please use our Contact Us form via the link below. The views set forth herein are the personal views of the author and do not necessarily reflect those of the firm. This site may contain hypertext links to information created and maintained by other entities. Carlton Fields does not control or guarantee the accuracy or completeness of this outside information, nor is the inclusion of a link to be intended as an endorsement of those outside sites.

Disclaimer

The information on this website is presented as a service for our clients and Internet users and is not intended to be legal advice, nor should you consider it as such. Although we welcome your inquiries, please keep in mind that merely contacting us will not establish an attorney-client relationship between us. Consequently, you should not convey any confidential information to us until a formal attorney-client relationship has been established. Please remember that electronic correspondence on the internet is not secure and that you should not include sensitive or confidential information in messages. With that in mind, we look forward to hearing from you.