718.703 Definitions. - Florida Statutes

718.703 Definitions.

As used in this part, the term:

   (1) “Bulk assignee” means a person who:

   (a) Acquires more than seven condominium parcels as set forth in s. 718.707; and

   (b) Receives an assignment of some or all of the rights of the developer as set forth in the declaration of condominium or this chapter by a written instrument recorded as an exhibit to the deed or as a separate instrument in the public records of the county in which the condominium is located.

   (2) “Bulk buyer” means a person who acquires more than seven condominium parcels as set forth in s. 718.707, but who does not receive an assignment of developer rights other than the right to conduct sales, leasing, and marketing activities within the condominium; the right to be exempt from the payment of working capital contributions to the condominium association arising out of, or in connection with, the bulk buyer’s acquisition of a bulk number of units; and the right to be exempt from any rights of first refusal which may be held by the condominium association and would otherwise be applicable to subsequent transfers of title from the bulk buyer to a third party purchaser concerning one or more units.

History. s. 18, ch. 2010-174.