Missy Turra, Executive Partner and Melissa Nelson,
Associate are based in our
Jacksonville office.
During the past two years, lenders and investors have confronted
many challenges as they have begun to acquire distressed
condominiums. It has become readily apparent that the provisions of
the current Florida Condominium Act (the "Condominium
Act") did not contemplate or adequately address the problems
that occurred as a result of the distressed condominium market,
particularly with respect to warranty liability, other financial
liabilities and control of the condominium regime.
One of the many effects of the massive downturn in the Florida
condominium market has been a lot of panicked new owners of
condominium buildings with significant concerns about inheriting
warranty liabilities from the previous developers and potential
responsibility for poor decisions and inappropriate actions of the
previous developers. Many lenders and investors have been scared
away from
