Signed Into Law
With the passage of SB 1196 by Sen. Mike Fasano (R-New Port Richey), investors wishing to make bulk condominium purchases of more than seven units will no longer have to accept the legal and financial liabilities of the original developer. For too long, investors have sat on the sideline – choosing not to buy condo’s in bulk – during a time when Florida desperately needed their help to reduce inventory and return stability to the market. The passage of SB 1196 by Sen. Fasano removes the condo bulk-buyer barriers and will help ensure a stronger economic recovery. Special thanks to Rep. Ellyn Bogdanoff (R-Ft. Lauderdale) for sponsoring the House companion legislation. 

Week of April 19: Measures designed to remove current requirements that a bulk buyer of condo units accepts the liabilities of the original developer await final passage. Those bills include: HB 327 by Rep. Julio Robaina (R-Miami), HB 561 by Rep. Ellyn Bogdanoff (R-Ft. Lauderdale), SB 840 by Sen. Eleanor Sobel (D-Hollywood), and SB 1196 by Sen. Mike Fasano (R-New Port Richey).

Week of April 12: Bills designed to remove current requirements that a bulk buyer of condo units accepts the liabilities of the original developer are progressing in both chambers. SB 840 by Sen. Eleanor Sobel (D-Hollywood) and SB 1196 by Sen. Mike Fasano (R-New Port Richey) passed the full Senate last week. HB 327 by Rep. Julio Robaina (R-Miami) and HB 561 by Rep. Ellyn Bogdanoff (R-Ft. Lauderdale) have been placed on the House Special Order Calendar to be heard by the full House.

Week of April 5: Measures designed to remove current requirements that a bulk buyer of condo units accepts the liabilities of the original developer are in key position to be heard by the full House and full Senate. These bills include HB 327 by Rep. Julio Robaina (R-Miami), HB 561 by Rep. Ellyn Bogdanoff (R-Ft. Lauderdale), SB 840 by Sen. Eleanor Sobel (D-Hollywood), and SB 1196 by Sen. Mike Fasano (R-New Port Richey).

Week of March 1: SB 1196 by Sen. Mike Fasano (R-New Port Richey) and HB 561 by Rep. Ellyn Bogdanoff (R-Ft. Lauderdale) received favorable committee hearings. Both bills would remove unnecessary barriers to housing recovery. Specifically, the legislation would allow investors to purchase more than seven units in a building without the investor having to accept the legal and financial liabilities of the original developer.