1. Florida law has dedicated a section to the termination of condominiums, outlining procedures to protect the interests of those involved.
2. Condominiums may terminate due to economic waste or impossibility of continuing.
3. The most common reasons for termination are nearly uninhabitable conditions and the cost of repairs exceeding the property’s value, or a developer offering to purchase the property for alternative development.
4. Termination affects the interests of unit owners, tenants, mortgagees, board of directors, and purchasers.
5. Legal processes and disputes often accompany condominium terminations. – Condominium can be terminated due to economic waste or impossibility to continue as condominium property.
– Plan of termination must be approved by at least 67% of all unit owners.
– If 75% or more of the units are timeshare units, plan of termination must be approved by 80% of the total voting interests of the association and the holders of 80% of the outstanding recorded mortgage liens of timeshare estates in the condominium.
– Unit owners may also initiate and seek termination by proposing a plan of termination and filing a petition in court seeking equitable relief. – The court may enter a final judgment to authorize the implementation of the proposed plan of termination if no one contests it within 45 days.
– If a party contests the plan, the court can still enter a final judgment authorizing the plan’s implementation after finding that the plan is fair and reasonable under the circumstances.
https://www.jimersonfirm.com/blog/2014/03/terminating-condominiums-according-florida-condominium-act-part/
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