FL S0348

Creates new definitions for "bulk-unit purchaser" (acquires 8+ units or 20%+ of units in an association) and "lender-unit purchaser" (mortgagee acquiring units through foreclosure) and exempts them from being classified as developers under condominium law

Establishes that bulk-unit purchasers are jointly and severally liable for all unpaid assessments from previous owners, while lender-unit purchasers' liability is capped at 12 months of unpaid assessments or 1% of the original mortgage debt, whichever is less

Restricts voting rights for bulk-unit and lender-unit purchasers to waive or reduce reserve funding to only the first 2 fiscal years after their first unit acquisition, after which they cannot vote on reserves until they hold less than majority voting interests

Requires bulk-unit and lender-unit purchasers to provide condition reports prepared by architects or engineers before selling units, with failure to comply resulting in implied warranties of fitness and merchantability on all improvements

Adds new triggers for transfer of association control to unit owners, including when a bulk-unit purchaser owning majority of units files for bankruptcy, has a receiver appointed, or 5 years after the first conveyance to such purchaser