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The Termination of Condo Terminations?

New Miami Blog

New Miami Blog
December 16, 2015

upward view of miami condo bldgsA Florida 2015 Condominium Law Amendment

Condominiums were established in Florida in 1963. The condominium form of ownership in Florida has, therefore, been in effect for more than 50 years. An aging condominium stock sitting on valuable land gave rise to a modification of termination provisions in 2007, the effects of which are still playing out.

In June, the 2015 Florida Legislature passed Chapter 2015-175, as a result of perceived abuses in condominium terminations. This statute amended the termination provisions of the Condominium Act to address some practical problems in terminations and imposed a number of impediments to future terminations. The solutions to perceived abuses by the legislature may look good in the short term, but may have negative effects on the housing market in another sustained downturn.

In the December 2015 volume of The Florida Bar Journal, Bilzin Sumberg Real Estate Partner, Martin A. Schwartz, surveys the changes in the termination provisions of Florida’s condominium law, ┬áthe experience of the 2007 changes and the consequences of the 2015 amendments. As the chair of a subcommittee which drafted many of the changes in a proposed Bar bill, much of which was incorporated into the 2015 legislation, Marty brings a wealth of experience and understanding of the termination process and the issues related thereto.

Click here to read the full article.

 

 

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