Best Practices for Buyouts of Unit Owners at Older Condos
A change in state law on condo terminations has led to a spurt in developer buyouts, writes attorney Oscar R. Rivera. He suggests some best practices.
December 17, 2015 at 04:00 AM
4 minute read
With so many of the prime locations for new condominium towers scooped up for development in Miami-Dade County, developers are turning to condominium terminations and acquiring older properties by buying out all of the units from their individual owners.
In fact, in the last several weeks we learned of a building in Surfside where the developer successfully bought out all of the units from their owners and another in the Brickell area where the developer purchased 60 of the 61 residences from their owners and is now using the statutory condo termination process to acquire the remaining unit and commence its development plans.
During last year's legislative session, Florida lawmakers made changes to the condominium termination statute that made the process considerably fairer for unit owners. Now owners who are current on their mortgages and association fees must get fair market value, and their entire first-mortgage debt must be satisfied even if it exceeds the current fair market value.
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