South Florida real estate poised for major activity in first months of bulk buyer law

From the South Florida website: Almost three months after Gov. Charlie Crist signed the Distressed Condominium Relief Act, the South Florida real estate market could see a huge rush of large-scale deals, among whose provisions removed frequently problematic “successive developer liability” for would-be bulk buyers. The law was signed June 1, and took effect July 1. It notably gave condominium associations the right to demand delinquent renters pay rent directly to the association, a provision that has been very successful so far. More crucially, it also removed successive developer liability, which had meant that anyone who sold or leased more than seven units in a condo in one year was legally considered a developer, and assumed the types of liabilities — like construction warranties — typically associated with developers. By Alexander Britell [more]