Bulk buyers have proved a major spark in Miami’s condo resurgence, but state legislatures are on the verge of delivering those purchases a big blow. According to JDSupra, Florida took no action this month on the Florida Distressed Condominium Relief Act, which was deemed critical in luring bulk buyers, and appears ready to let it expire July 1.
Once the bill expires bulk buyers will no longer enjoy a special legal classification when purchasing Florida condos that was created to reduce liabilities stemming from big acquisitions. Bulk buyers will be liable for claims that originate from the initial developer, such as due assessments and warranties, when they make big condo purchases after the expiration date. [JDSupra]