MIAMI—Florida Gov. Rick Scott has signed intolaw a bill that extends the Distressed Condominium ReliefAct. Known as HB 517, the law will remain in effect untilJuly 1, 2015.
Florida House Rep. Julio Robaina entered theDistressed Condo Relief Act into the House registry in 2009. Thebill amends the Florida law to protect bulk buyers and assigneesfrom developer liability.
Essentially, the way the state defined a developer has beenchanged in order to make it easier for bulk buyersto snap up condo inventory. Many investors wanted to buy in bulkand didn’t want to assume the liability of a developer. The actmakes that possible.
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