FLORIDA – Court Ruling Puts Condo Buyouts At Risk

south florida REPORTER: Court Ruling Puts Condo Buyouts At Risk
By Ruben Conitzer, ESQ
December 19, 2016

As Florida developers adapt to the lack of suitable development sites, some are turning their focus to condominium communities that were built decades ago for middle-income working families and retirees that are now located on what would otherwise be prime development sites.

This is causing angst to some Florida condo owners about the future of their homes and communities. To some condo owners, developers offer the opportunity to cash out for a good price. But to others, condo buy-outs are nothing more than a nightmare where developers force them out of their homes, and in some cases in a way that forced homeowners to incur significant losses.

The Legislative Background to Condominium Terminations

In 2007, the Florida legislature enacted laws setting forth the procedures for condo terminations, sometimes called condo buy-outs. The law provided that a condominium could be terminated if least 80 percent of the total voting interests of the condominium approve of the termination, but only so long as no more than 10 percent of the total voting interests do not reject the plan by a negative vote or written objection.  Read more:

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