FL S1546

Clarifies that termination of condominiums is not intended to replace individual property rights of unit owners or groups of owners against their will, except as provided in subsection (2).

Requires that unit owners who do not want to relinquish their property during optional termination (for reasons other than those in subsection (2)) receive compensation equal to 110 percent of the original purchase price or 110 percent of fair market value of their unit, whichever is greater.

Defines "fair market value" as the price a seller is willing to accept and a buyer is willing to pay on the open market in an arms-length transaction based on similar units sold in other condominiums, excluding wholesale or distressed sales but including bulk purchases.

Maintains existing requirement that optional termination be approved by at least 80 percent of total voting interests with no more than 10 percent rejecting the plan.

Effective date: July 1, 2014.