This is info from our MLS meeting on August 18th hosted by Rapid Response Team. Thank you John Trebilcock Attorney from GDC Law Firm, Cameron Govreau from Heidrick Insurance and Brian Chapman from Chapman Insurance Group also an Article in our August Florida Realtor Magazine
Florida lawmakers addressed condominium reform by passing Senate Bill 4D, which Governor DeSantis also signed. This bill provides an overhaul of the high-rise inspection law, requires more frequent recertification of safety standards and mandates that condo boards build up reserves so the can make needed repairs.
Changes in bill include:
*Creates a statewide “milestone inspection” requirement for condominiums and cooperative buildings that are three stories or higher 30 years after initial occupancy, and 25 years after initial occupancy for buildings located within three miles of the coast.
*Requires inspections every 10 years after a building’s initial “phase I” inspection.
*Requires an additional more intensive inspection or a “phase 2” inspection, if a building’s initial inspection reveals substantial structural detioration.
*Beginning in 2024 condo associations are required to conduct a structural integrity reserve study at least every 10 years and prevents needed reserves from being waived. Both SB 2D and SB 4D became effective immediately after Governor DeSantis signed them into law.
Ann Gee
Broker/Owner
239-850-0979
