FL S1172

Reduces approval threshold for optional condominium termination from "no more than" 10 percent to "less than" 10 percent rejection, while requiring all voting interests to be included and prohibiting suspension of voting rights during termination votes.

Imposes 18-month waiting period before proposing a new termination plan if 10 percent or more of voting interests reject a prior plan.

Creates special protections when a bulk owner (single entity holding 80+ percent of units) proposes termination, including: requiring existing occupants with homestead exemption to receive 1 percent relocation payments, ensuring non-bulk owners receive 100 percent fair market value compensation, mandating disclosure of bulk owner identity and unit acquisition details, and allowing non-bulk owners to elect at least one-third of board members.

Authorizes termination plans to be withdrawn or modified before property sale with the same voting percentage required for initial approval, and allows termination trustees to correct scrivener's errors by recording amended plans.

Establishes mandatory nonbinding arbitration (rather than court summary procedure) for contesting termination plans within 90 days, limiting challenges to fairness of proceeds apportionment, mortgage satisfaction, or voting compliance, with arbitrator authority to void plans with omitted or inaccurate required disclosures.