Florida Governer Crist signed the Distressed Condominium Relief Act this week. What does this offer? A lot of great new benefits to condo owners.
1) Banks that foreclose on condos will be required to pay up to 12 months of past due maintenance,
2) Condo associations can collect rent from deliquent owners,
3) Deliquent condo owners can have their common area and voting rights suspended and
4) Bulk investors can buy more than 6 units in a condo and not be considered the developer.
These are just some highlights of the new act, and some of these provisions need further explanation. Refer to the State of Florida website or general news media for more details. But, this is very welcomed by condo associations and condo owners.