Due to the Surfside condo building collapse on June 24, 2021, resulting in the realization that maintenance that was deferred in the past years by many condo buildings, the laws around the maintenance of condos have and continue to change. The law impacts some 1.5 million condos operated by nearly 28,000 associations in the state. See below a couple of links regarding the original legislation and the status of the latest proposed amendments.
- Link to Condo Article by FL Assoc. of Realtors regarding the original May 2022 legislation: https://www.floridarealtors.org/advocacy/legislative-priorities/hoa-condo-associations/SB-4D
- Link to new/proposed legislation and its status: https://www.flsenate.gov/Session/Bill/2023/154
FOR CONDO BUYERS – This may affect future monthly HOA fees for certain condos. However, there are many condo buildings that are being properly funded and are great buying opportunities right now. And a condo may be a great option for those wanting a low or maintenance-free lifestyle after years of maintaining a single family home. We have several clients who have recently purchased condos, and we have assisted them in finding great condos for them to call home – and even turn into investment properties in the future.
Finding a GREAT Realtor
With all of the law, it is important that condo buyers work with a great Realtor or real estate broker who has experience/knowledge of:
- The current law and pending legislation regarding condos
- What documents to request from sellers/HOA
- How documents should be analyzed and reviewed, including capital expenditure schedules, and who should do it
- When to reject a prospective condo building – We and our clients have rejected many
- How to manage the risk of future monthly costs and expensive one-time assessments
- The most up-to-date contract forms that should be included in the purchase offer package – Contract Riders were recently updated by the FL Assoc. of Realtors/FL Bar and updated disclosure forms are being released soon as well.
Let us help guide you through the process as we have done – and are currently doing – for so many of our clients. Send an Email, call us, or simply click the Chat box on our website.