The call for condominium reform was In response to the 2021 Surfside tragedy that killed 98 people
As a result of the special session, lawmakers passed, and the governor signed Senate Bill 4D. 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 they can make needed repairs. Changes in the bill include:
Statewide "milestone inspection" requirement for condominiums 3+ stories over 30 years old (25 beachside) with inspection every 10 years after that
Phase 2 inspection, if a building's initial inspection reveals substantial structural deterioration.
Beginning in 2024, condo associations are required to conduct a structural integrity reserve study at least every ten years and prevents needed reserves from being waived.
“Right out of the box it means that everybody who has been waiving reserves, their assessments are going to go up”
What you need to do
When listing a condo get condo docs, financials, q and a, AND 12 months of minutes to provide to potential buyers. Request any maintenance reports that the condo may have on hand. If the condo had concrete restoration, etc have that information available. If any assessments have been discussed (and not yet levied) be sure that your Seller discloses this. Get written verification that the Buyer has reviewed the minutes and documents.
When you have a buyer for a condo, ask for all of the above and provide everything to the buyer. Many of our local condos are well kept, have had preventative maintenance and healthy reserves. Many have not. It is imperative that the buyers review financials and make an informed decision.
Florida Realtors is in the process of revising the condo rider to include a request for the milestone inspection. However, time is of the essence to make sure that we can disclose appropriately and request the information that your buyers need to make an informed decision which at this point is above and beyond what is required by law.
Check out the following for different perspectives :
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