Floridians ACT (Against Condo Takeover)- Protect condo owners from unjust law!
This petition had 1,389 supporters
Florida Statue 718.117 is written to protect big investors allowing them to take ownership of Condominums across the state of Florida against the will of the homeowner. Bulk owners are purchasing condos within a complex and then voting to terminate the Condominium leaving homeowners homeless and in debt. This law currently allows for a vote of 80% to terminate and 10% to oppose the termination. The problem here is that the developer makes up the 80% and can out vote the individual owners. Thousands of condo owners are being ripped from their homes.
We are looking to amend the law. By supporting Floridians ACT you will help tens of thousands of Condo owners here in Florida to try and maintain ownership of their property. We are reaching out to the Florida legislature asking them to protect condo owners by amending the law so that it will function and be interpreted correctly with the welfare of the homeowners in mind and not for the financial gain for big investors. This law is un-American. Home ownership is sacred in this great country and needs to be protected. Please be a part of this movement and help save our homes! Every signature is a voice, and every voice needs to be heard. Please, help us get the Florida Law makers to pay attention.. our message: Protect Your Citizens!
Our attorney, Joe Gaynor, has released a statement.
"A residential condominium is a creature of statute and therefore is regulated by the State of Florida. Initially the statutes left termination up to the owners to decide by voting in accordance with the terms of the Declaration. The reason for termination only contemplated a casualty or possibly a change of use. It was assumed if a super majority of the owners wanted to terminate the condominium regime then the minority should go along with the super majority. At Madison Oaks that percentage is 80%. The Condominium Act never contemplated that a single owner would ever control the super majority and there in lies the problem.
At Madison Oaks a "bulk owner" bought 80% of the ownership interests in the units so they could terminate the condominium regime however the legislature amended the Act to require a plan of liquidation which needs the support of 91% of the ownership interests to enforce the Plan. You had in excess of 10 % so the Plan failed.
Madison Oaks has taken the position that the condominium is terminated but we believe it is not because the Plan failed. We filed suit on our behalf to determine who is correct. The first hearing was scheduled for February 24th is now rescheduled for June 2nd. There is also legislation that may be voted on and effective July 1st which addresses fair compensation but currently does not address the issue whether a bulk owner should have the right to terminate the condominium or is that against public policy."
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