Gov. Charlie Crist recently signed SB 1196 into law. The measure makes a number of changes to Florida’s condominium laws and when it takes effect on July 1, it will provide condominium owners with some economic relief.

Among the provisions under the new law, investors wishing to purchase more than seven condominium units will no longer be subject to accepting the original developer’s liabilities. By removing these unnecessary barriers to condo bulk-buyer purchases, it will help ensure a stronger real estate market recovery.

The bill was the final Florida Home Builders Association’s member-identified Top Priority remaining for the Governor to take action on. Four of the FHBA’s six top legislative priorities are now law. In addition to the condo bulk-buyer, they include the prohibition of mandatory residential fire sprinklers, validation of permit extensions and DRI exemptions and passive alternative septic treatment study funding.

Congratulations to the FHBA for its work on this bill. Our new law is certainly good news for struggling condominium associations and all of us in Florida real estate.