Some Florida Condo Laws Changed on July 1st of 2017
While most of the changes made to Chapter 718 (the Florida statute governing condominiums) will not be noticed by most owners, renters, and potential buyers, it is always wise to keep abreast of the legal landscape, as knowledge can often save time and money. The statute number and some of the more important changes are listed below.
- 718.111(12)(c)(1): A unit renter now has the right to read and copy the rules and bylaws of an association.
- 718.111(12)(c)(3)(g)(1): By July 1st 2018, any association with at least 150 units must post digital copies of required documents on its website.
- 718.116(8): Any association must issue an estoppel certificate within ten business days of receipt of a written or electronic request. (An estoppel certificate is a document used in mortgage negotiations to establish facts and financial obligations, such as outstanding amounts due that can affect the settlement of a loan. It is required by a lender of a third party in a real estate transaction.)
- 718.116(8)(a): Any and all condominium estoppel certificates must include specific assessment information, such as the periodic assessments, an itemized list of all assessments, special assessments, whether there is a capital contribution fee, resale fee and what the amount is. Also required is whether there is a right of first refusal provided to the association or its members, as well as contact information for all insurance maintained by the association.
- 718.116(8)(b): The estoppel certificate has a 30-day effective period if hand-delivered or sent electronically (35 days if sent by regular mail).
- 718.116(8)(d): If a requested estoppel certificate is not delivered within ten business days, a fee cannot be charged for the preparation and delivery of the estoppel letter.
- 718.116(8)(f): An association may charge a fee of up to $250.00 for the preparation and delivery of an estoppel certificate. If there is an expedited request (within 3 business days) for the certificate, the association may charge an additional $150.00. Another $150.00 may be charged for an estoppel certificate on a unit if a delinquent amount is owed.
The Florida Legislature also added a rule which states that it is now a felony if a unit owner is denied docs, and fraud can be proven.
Finally, board director terms are now limited to eight years with a few exceptions.