Foley Partner Daniel Bachrach was quoted in an article that appeared in Globe St. on June 28, 2011 titled “‘Glitch Bill’ Gives Developers New Exit Strategy.” Bachrach discusses a Florida law which eliminates ambiguities in the Distressed Condominium Relief Act by clearly defining bulk property buyers and ensuring that they will not inherit a developer’s liabilities when purchasing foreclosed property. He states that the law gives developers a possible new exit strategy for some existing condominiums with available inventory by allowing them to subject units to a separate condominium regime that allows timeshare plans.
