Can hostile takeovers of condominium associations be prevented?

Independent American Communities

By Deborah Goonan, Independent American Communities

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It’s a new year. Time for new starts and fresh beginnings. It’s also the time of year that state Legislatures prepare for new sessions, where they may consider bill proposals to rein in excessive power and abuse in Association Governed Housing Communities.

After a brief hiatus, the condo termination or “deconversion” process is once again, starting to heat up. For readers that are unfamiliar, the process involves converting condominiums to traditional rental apartments. In most cases, a condo “deconversion” – also knows as a condo takeover – is initiated by real estate investors that purchase 75-80% of the units and then vote to terminate the condominium association, usually forcing remaining unit owners to sell their condos and vacate, or rent them back from the new apartment owners.

And, this time, the trend is spreading beyond Florida.

Note that, in the Sunshine State, Floridian condo…

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