To Tell the Truth, the Whole Truth, and Nothing but the Truth – Help for Florida’s Frazzled Condominium Buyers?
The condominium has become an increasingly familiar arrangement in the United States. In 1972, some 235,000 condominium units were built; this number swelled to about 420,000 in 1973, an increase of almost 79 percent. Accompanying this tremendous increase in building and selling has been an increasing awareness of the need for regulation of this multi-million dollar industry. This note explores the legislative background of condominium regulation; examines the recent Florida Condominium Act amendments, focusing on the Act’s disclosure requirements, what they mean, and what their impact will be on developers and purchasers; and offers alternatives to the Florida scheme.