OTHER
NEW CONDO LAWS TO KNOW – PART THREE
By
Eric Glazer, Esq.
Published August 8, 2022
Today, we finally conclude
all off the new condominium laws that were passed in 2022 by The
Florida Legislature. There is a lot to know.
ALL CONDOMINIUM ASSOCIATIONS MUST:
Although the DBPR has yet to produce the required form:
On or before January 1,
2023, condominium associations existing on or before July 1,
2022, must provide the following information to the division in
writing, by e-mail, United States Postal Service, commercial
delivery service, or hand delivery, at a physical address or
e-mail address provided by the division and on a form posted on
the division's website:
1. The number of buildings on
the condominium property that are three stories or higher in
height.
2. The total number of units
in all such buildings.
3. The addresses of all such
buildings.
4. The counties in which all
such buildings are located.
(b) The division must compile
a list of the number of buildings on condominium property that
are three stories or higher in height, which is searchable by
county, and must post the list on the division's website. This
list must include all of the following information:
1. The name of each
association with buildings on the condominium property that are
three stories or higher in height.
2. The number of such
buildings on each association's property.
3. The addresses of all such
buildings.
4. The counties in which all
such buildings are located.
(c) An association must
provide an update in writing to the division if there are any
changes to the information in the list under paragraph (b)
within 6 months after the change.
DISCLOSURE TO A NEW BUYER:
DEVELOPER DISCLOSURE BEFORE SALE:
The Developer must provide
the new buyer with: A copy of the inspector-prepared summary of
the milestone inspection report as described in ss. 553.899 and
718.301(4)(p).
A copy of the association's
most recent structural integrity reserve study or a statement
that the association has not completed a structural integrity
reserve study.
NON DEVELOPER DISCLOSURE PRIOR TO SALE:
Each unit owner who is not
a developer as defined by this chapter must comply with the
provisions of this subsection prior to the sale of his or her
unit. Each prospective purchaser who has entered into a contract
for the purchase of a condominium unit is entitled, at the
seller's expense, to a current copy of all of the following:
1. The declaration of
condominium.,
2. Articles of incorporation
of the association
3. Bylaws and rules of the
association.,
4. Financial information
required by s. 718.111.,
5. A copy of the
inspector-prepared summary of the milestone inspection report as
described in ss. 553.899 and if applicable.
6. The association's most
recent structural integrity reserve study or a statement that
the association has not completed a structural integrity reserve
study.
7. The document entitled
"Frequently Asked Questions and Answers" required by s.
718.504.
So, if selling your home,
get ahead of the curve and gather all of these documents before
listing your property for sale.
Ladies and
gentlemen……….buckle up, because the next few years it’s going to
be a wild bumpy ride for many living in our state’s condominium
units. Besides everything we have written about the last few
weeks, the gigantic rise in insurance is taking its toll on
condominium budgets everywhere. Add mandatory inspections,
mandatory repairs and non waiver of reserves and for many it
will simply become unaffordable to live in their condominium
units. Developers are already on the prowl.
This was so preventable
and foreseeable. I remember as a child, Red Buttons used to
advertise for Century Village in Pembroke Pines, on TV in New
York. He would show everyone an amazing lifestyle of golf,
tennis, swimming, theater etc…. And you get all of this for
about $300.00 a month in assessments. That number was always
false because it never included an amount for reserves.
Developers have always been able to waive reserves and present
unit owners with fake budgets.
If Red Buttons had been
honest…….the commercial would have said something like……. “and
you get all of this for only $300.00 per month, plus your
share of $25,000,000.00 in repairs over the next 40 years.”
But that would have made it harder for developers to sell
units. Florida has protected them forever. Now however, with
the passage of these new laws, the truth comes out as to what it
really costs to live in a condo. And it’s a shocking smack in
the face all at once. Had this always been the law thirty or
forty years ago, the wave of foreclosures that are coming would
never happen. Terrible lack of foresight by The Florida
Legislature for decades. And now so unfortunate for so many.
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