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Tag: partial-termination

  • Partial Termination, Good Things Can Happen to Bad Projects

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    In the past ten years, the real estate market has been crazy. First, prices went way up, and now they’ve fallen a lot and are slowly going back up. Lots of people, even some who weren’t experienced, didn’t realize the real estate bubble was about to burst. They built condos hoping to sell them as…

  • Understanding Florida Condo Laws: Ending Condominiums

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    1. Section 718.117(12)(a), Florida Statutes, requires the allocation of proceeds from the sale of condominium property to be apportioned between the aggregate value of all units and the value of the common elements. 2. If a condominium’s declaration does not provide for an alternative method of allocation, the proceeds must be based on fair market…

  • How to End Condominiums: Florida’s Condo Act Explained

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    – The plan of termination must be in writing according to Florida Statutes. – The plan must identify the termination trustee, including their name, address, and affirmative powers. – The plan must include the date after which it is void if not recorded, the interests of unit owners, sale terms if property is to be…