MIAMI-When the Distressed Condominium ReliefAct went into action in July 2010, it helped to protectbulk buyers from the guarantees and financial burdens ofdevelopers. The law sparked bulk condo sales--but it also left thedoor open for glitches.
Enter the so-called glitch bill. Florida Governor Rick Scottsigned HB 1195 into law, effective July 1, 2011. The law aims toclarify ambiguities the DCRA left.
“Since the Distressed Condominium Relief Act’s passagealmost a year ago, our region has seen a rash of bulk buypurchases that have helped absorb surplus inventory and move themarket into recovery faster,” Mark Grant,co-author of both bills and shareholder of RudenMcClosky, tells GlobeSt.com. “This ‘glitch bill’ will goeven further to support improved market conditions by eliminatingany ambiguities that remained in the law.”
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