New Condo Law Changes in Florida Effective July 1st, 2017 – What You Need to Know!
There were several changes made to Chapter 718, the Florida Statute governing condominiums, and all went into effect on July 1, 2017.
While not exhaustive, below is a list of July 1 changes that you may find of interest as you look to purchase a condo here in Tampa Bay:
- 718.111(12)(c)(1) – A unit renter has a right to inspect and copy the association’s bylaws and rules.
- 718.111(12)(c)(3)(g)(1) – by July 1, 2018, an association with 150 or more units (which does not manage timeshare units) must post digital copies of the required documents on its website.
- 718.116(8) – The association must issue an estoppel certificate within 10 business days of receipt of a written or electronic request for said certificate.
- 718.116(8)(a) – Any condominium estoppel certificate must contain specific assessment information, such as the regular periodic assessment and frequency; an itemized list of all assessments, special assessments and other moneys scheduled to become due; if there is a capital contribution fee, resale fee or other fee due and what the amount is; if there is a right of first refusal provided to the association or the members; and contact information for all insurance maintained by the association, amongst other things.
- 718.116(8)(b) – The estoppel certificate (sent via hand delivery or electronically) has a 30-day effective period (35-days if sent by regular mail).
- 718.116(8)(d) – If a requested estoppel certificate is not delivered within 10 business days, a fee may not be charged for the preparation and delivery of that estoppel letter. (this is a great change in addressing the timeliness the association has to abide by as time is of the essence!)
- 718.116(8)(f) – The association may charge a reasonable fee for preparation and delivery of an estoppel certificate that may not exceed $250.00; if the certificate is requested on an expedited basis and delivered within 3 business days after the request, however, the association may charge an additional $150.00; an additional fee of up to $150.00 may also be charged for an estoppel certificate on a unit if a delinquent amount is owed.
- The Florida Legislature also added other new condominium association rules this year. If a unit owner is denied docs and fraud can be proved, for example, it could be a felony; and board director terms are now limited to eight years with a few exceptions.
For complete info on July 1 condo law changes, refer to the bill, HB 1237, which Gov. Scott signed on June 26.
Source: Florida Realtors®