As a result of the destruction caused by hurricanes in 2004 and 2005, the Florida Legislature has amended the condominium termination law. This law was enacted when homeowners could not afford to repair their damaged homes. With the amendment in place, developers would be able to alter the community into rentals.
According to Helio De La Torre, partner of law firm Siegfried, Rivera et. Al., the law is eradicating Florida homeowners of their property rights. These amendments allow for the abolishment of the ownership of condominium communities with an 80% vote of approval of owners. The only action preventing the change from occurring is a 10% vote of objection.
Several options have been suggested to improve this law. One proposal is for developers to pay 110 percent of either the initial purchase price or the fair market value. Another option is to veto the amendment all together. A third alternative is to apply the law solely with hurricane damage. They are hoping the Florida legislature takes one of these proposals into consideration so homeowners’ property rights are restored.
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