This new law in Florida changes the paradigm for how condominium associations can turn around entire developments. Bulk (defined as 7 or more units) buyers will be attracted to these units becasue of the removal of the unpaid association assesment liability and many of the rights of the original developer. Also created is a right for the existing association to collect monthly dues and assessments from tenants in these units. There is a unanswered question in the law as to how much liability tenants in these units will incur with regard to past due fees. This will have to be addressed in the courts when an Association deems it worthwhile. I think this seems like a bad use of money for most associations as the reality of collecting from a tenant an amount of past dues would be slim. Nevertheless, the fact that the bulk buyers can avoid many of the liabilities that previously held them back may spur new investment that could help solidify many shaky developments. Finally, the Act expires July 1, 2012.
There seems to me to be several unanswered questions in this law. If you are interested…here are a few resources to learn more.
Gray/Robinson Attorneys At Law Press Release
Tags: Bulk Buyers, Condominiums
