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Bulk buyer law spurs Wall Street interest

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Editor's note: This article is reposted with permission by The Real Deal. View the original article. By ALEXANDER BRITELL Almost three months after Gov. Charlie Crist signed the Distressed Condominium Relief Act, the South Florida real estate market could see a huge rush of large-scale deals, among whose provisions removed frequently problematic "successive developer liability" for would-be bulk buyers. The law was signed June 1 and took effect July 1. It notably gave condo associations the right to demand delinquent renters pay rent directly to the association, a provision that has been very successful so far. More crucially, it also removed successive developer liability, which had meant that anyone who sold or leased more than seven units in a condo in one year was legally considered a developer, and assumed the types of liabilities, like construction warranties, typically associated with developers. Since the law went into plac...