Bill Calls For More Protection For Condominium Buyers
Investors who buy more than seven condominium units are called bulk buyers. Rep. George Moraitis ,R-Ft. Lauderdale, filed a bill to provide protection for consumers who purchase units from bulk buyers. Moraitis says bulk buyer protection was a great tool to get through the recession.
“About 8 years ago we established bulk buyer and bulk assets need protections per individual entities that come into a fatal protect, to take over that project without having liability for the construction warranties, among other things,” Moraitis says.
With the real estate market meltdown in the past, the market has become more stable. Moraitis says his bill will require more work from sellers, such as providing property condition reports, in order to protect buyers.