TALLAHASSEE, FL—Florida Gov. Rick Scott has signed into law a bill that extends the Distressed Condominium Relief Act. Known as HB 517, the law will remain in effect until July 1, 2015; it was due to expire this coming July.

Florida House Rep. Julio Robaina entered the Distressed Condo Relief Act into the House registry in 2009, and the law took effect in July 2010. It amended Florida condo law to protect bulk buyers and assignees from developer liability, while helping condo associations to collect what they're owed.

Essentially, the way the state defined a developer has been changed in order to make it easier for bulk buyers to snap up condo inventory. Many investors wanted to buy in bulk and didn't want to assume developer liability. The act makes that possible.

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