FLORIDA – Condo reform does not help all owners

Orlando Sentinel:  Condo reform does not help all owners
By Mary Shanklin
June 19, 2015
Gov. Rick Scott this week signed a law aimed at protecting the rights of condo owners when developers are trying to convert complexes into rental properties.The legislation is designed to restrict buyouts that enable companies that own the bulk of the units in a condo complex to force remaining owners to sell to them. The new law calls for bulk-ownership investors to compensate individual owners for the amount paid in most instances.

State Rep. Chris Sprowls, R-Palm Harbor, who introduced the legislation, said the main concession he made in getting the legislation approved was restricting it to help only owner occupants who live in their condos instead of investors and snowbirds who may use the condos as vacation homes.

“We wanted to cover anyone whose ownership rights were terminated, but we had to narrow it to the people who were homesteaded,” Sprowls said. “We needed to make sure that people who had these as primary residences and didn’t have anywhere else to go were covered.  Read more:

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