|Florida Distressed Condo Relief Act|
The "Distressed Condo Relief Act" (DCRA) in SB 1196 was put in place to encourage investors to buy unsold developer inventory. This should help stabilize the condo market. It also protects the lender if the developer defaults. If the provision becomes law it will only apply to purchases that take place before the law sunsets on July 1, 2012.
Here is a link to SB 1196 http://flsenate.gov/data/sessions/2010/senate/bills/billtext/pdf/s1
Lisa Scanlon, CSA