Industry NewsMarkets & Economy

Watch for more bulk buyers

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article. By ALEXANDER BRITELL Gov. Charlie Crist signed into law a significant change to Florida's condominium statute late last night, giving bulk buyers a leg up in future purchases. The highlight is a provision that protects bulk buyers from the liabilities they had been assuming by purchasing more than seven units in a condo. Prior to the passage of the Distressed Condominium Relief Act, the Florida Department of Business and Professional Regulation's Division of Florida Condominiums deemed anyone who sold or leased more than seven units in a condo in one year a developer, meaning bulk buyers assumed the liabilities typically associated with developers, like construction warranties, along with issues of association control. "Condominium law defines a developer as anyone who creates a condo, but also creates or offers units for sal...