Pitfalls In Fla.'s Revised Condo Termination Statute
February 7, 2014, 12:05 PM EST
Law360, New York (February 7, 2014, 12:05 PM EST) -- In 2007, the condominium termination statute (Section 718.117 of Florida Statutes) was completely rewritten to address problems with an aging condominium inventory and declarations that typically required 100 percent of unit owners to consent to any termination. This 100 percent requirement typically made any termination almost impossible to achieve.
The revised statute expanded a two-page, 1,159-word provision to 11 pages and 4,360 words. The expansion covered a variety of issues that might necessitate a termination and set forth an elaborate and detailed process for termination. It...