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.
