Prior to July 2007 to voluntarily terminate a condo association required 100% vote of owners. The law changed to now require only 80% vote to start termination which continues unless 10% of vote objects. This is now being applied retroactively & means that a big business bulk buyer can relatively easily force unit owners not in foreclosure or upside down on their mortgage to sell their units at rock bottom prices. They work with banks on mortgage forgiveness which is attractive to some. How did this law get passed? Were there objections to it? What can be done to prevent profiteering bulk buyers forcing unit owners to sell at rock bottom prices then aquiring all the units & turning the complex into apartments which are currently valued at 2-3 times the price of distressed condos? This has already happened in Orlando & Tampa (Arbors at Branch Creek , & is starting to happen at Lansbrook Village in Pinellas). How can unit owners who purchased their units prior to the law change be forced to sell under the new 80/10% rule? They purchased under the old 100% vote law.
