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MIAMI- On Tuesday, the governor of Florida, Charlie Crist, signed into law the Distressed Condominium Relief Act, which is designed to give assurance to bulk condominium buyers that they won’t be liable for the flaws in a building they did not develop. Theoretically, as bulk buyers are spared this liability, they will buy up more of the excess units built during the boom years. The law will goes into effect on July 1, 2010.

Because the new law takes the element of liability off the table, says Warren Weiser, chairman of Continental Real Estate Companies in Coral Gables, bulk buyers will no longer have to budget for possible litigation.

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