MIAMI Association of REALTORS

     

                

Condominiums

July 1, 2010 - New Condominium Law Takes Effect

Governor Crist signed SB 1196 & 1222 into law creating Ch. 2010-174, Laws of Florida.  Click here for the enrolled copy that was sent to the governor.  The effective date of this new law is July 1, 2010, unless otherwise noted. 
 
Some of the major highlights from the bill are below.  In order to simplify it for you, I have provided the page number(s) on which the language of each provision can be found.  Please let me know if you have any questions.  Thanks.  
 
Bulk Buyers - creates two classifications, "bulk assignee" and "bulk buyer" (since there were so many references, click here for a summary to help);
 
Insurance - lowers the cost of condo ownership by repealing the provision that requires every individual unit owner to obtain hazard insurance (pg. 17; pg. 14-18); going forward, it requires that at least $2,000 of property loss assessment coverage be included as part of the residential condominium unit owner's coverage (pg. 11-12);
 
Sprinkler Systems - removes the requirement for mandatory retrofits of sprinkler systems in condos over 75 feet high (pg. 39);
 
Past-Due Assessments on Foreclosures- requires lenders to pay more in past-due assessments on foreclosed properties, increased from 6 months to 12 months or 1%, the lessor of (pg. 44);
 
Denial of Common Areas - allows associations to deny owners or occupants the use of common areas and recreational amenities (not to include utility services, elevators or parking spaces) when the owner is more than 90 days delinquent in paying financial obligations due to the association (pg. 52-53) and may deny the owner's voting rights (pg. 54); and
 
Diverting Tenant Rent - allows associations to divert tenant rents to pay for delinquent assessments owed by unit owners (pg. 46-47 or click here).