Condo Terminations: Breaking Up Gets Harder to Do
On June 16, Gov. Rick Scott signed House Bill 643 into law, making sweeping changes to Section 718.117 of the Florida Condominium Act relating to terminations of condominiums. The changes, which are effective immediately, make optional terminations of a condominium more difficult. The number of optional condominium terminations rose during the recent downturn in the real estate market when developers that owned a majority of units in a condominium development wanted to convert the condominiums to rental apartments or sell the property for conversion to rentals. Read the article………..