Florida Condo Reform Bill passes. What does this mean? Condo Associations cannot exempt themselves from having reserves starting on December 31, 2024. Prepare for assessments! These reforms have already been signed into law by Florida's Governor on May 27th, 2022.
Creates a statewide "milestone inspection" requirement for condominiums and cooperative buildings that are three (3) stories or higher 30 years after initial occupancy, and 25 years after initial occupancy for buildings located within three (3) miles of the coast.
Requires inspections every 10 years after a building's initial “phase 1” inspection.
Requires an additional, more intensive inspection, or a “phase 2” inspection if a building's initial inspection reveals substantial structural deterioration.
Phase 1 is a visual inspection and qualitative assessment. If condo building does not pass this, it goes on to a phase 2 inspection.
Phase 2 is a comprehensive assessment of any distress in order to determine if the structural integrity of the building is sound and safe. The inspector will recommend a program for complete evaluation and repair of the areas needing repair.
Beginning in 2024, condo associations are required to conduct a structural integrity reserve study at least every ten (10) years and prevents needed reserves from being waived. The bill goes into effect on December 31, 2024.
Start the process now if you haven't already done so. This way you can be prepared by having all necessary repairs made before the deadline takes effect. TAKE ACTION NOW!
Feel free to call Barry with any questions you may have. 561-880-5587.
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