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BULK BUYERS
BEWARE: YOU MIGHT NOT BE A “BULK BUYER” AFTER ALL
By
Eric Glazer, Esq.
Published December 6, 2021
After the
financial crisis of 2007 and 2008, The Florida Legislature
passed the “bulk buyer” statute. The purpose of the law was to
stir the economy and get investors and large companies to
purchase a bulk of units in a condominium without being labeled
as a “developer” because if you are a ”developer” you may owe
lots of responsibilities to the owners and you won’t be able to
control the majority of the Board of Directors. It worked.
Investors started to buy huge bulks of units in a condominium.
They assumed that as “bulk buyers” and not “developers” they
would certainly get control of the Board of Directors.
Well….our firm just won an arbitration case that held that if
the condo docs were recorded before the ‘bulk buyer” statute was
created and there is no Kaufman language or as amended from time
to time language in the declaration, that investor is not a
“bulk buyer” at all, but instead is a “developer.”
To read
about the case, click here!
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About
HOA & Condo Blog
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Eric Glazer graduated
from the University of Miami School of Law in 1992 after
receiving a B.A. from NYU. He has practiced community
association law for three decades and is the owner of
Glazer and Sachs, P.A. a five attorney law firm with
offices in Fort Lauderdale and Orlando.
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Eric is Board Certified by The Florida Bar in
Condominium and Planned Development Law.
Since 2009, Eric has been the host of Condo Craze
and HOAs, a weekly one hour radio show that airs at 11:00 a.m.
each Sunday on 850 WFTL.
See:
www.condocrazeandhoas.com.
Eric is the first attorney in the State of
Florida that designed a course that certifies condominium and
HOA residents as eligible to serve on a Board of Directors and
has now certified more than 20,000 Floridians all across the
state. He is certified as a Circuit Court Mediator by The
Florida Supreme Court and has mediated dozens of disputes
between associations and unit owners. Eric also devotes
significant time to advancing legislation in the best interest
of Florida community association members.
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