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July 1st – Florida Condo Laws Deny Use of Common Areas & Change Condo Insurance Requirements

June 30, 2010

P R O P E R T Y   S E A R C H

R E S T I V O – H E C H T M A N    T E A M

Governor Charlie Christ signed into effect these  NEW CONDO LAWS  which take  effect  in Florida, July 1st, 2010. 

Do Not Enter

The Real Estate Association of Miami and the Beaches (RAMB) truncated and condensed those changes, as they relate to bulk buyers, insurance, sprinkler systems, past-due assessments on foreclosures, denial of common area usage, and diverting tenant rent. 

Highlights are below:

Bulk Buyers:  There are now two separate classifications, “bulk assignee” and “bulk buyer”.
 
Insurance: Costs associated with condo ownership will dip, because the provision formerly requiring every unit owner to purchase hazard insurance (pg 17 & pgs 14-18)  now requires at least $2,000 of property loss assessment coverage to be included as part of the residential condo unit owner’s coverage(pgs 11-12).
 
Sprinklers: Retrofitting of sprinklers in condo buildings over 75 feet high (pg 39) is no longer required.
 
Past-due assessments on Foreclosures: Lenders are now required to pay more substantial past-due assessments on foreclosure properties. Previously it was for 6 months.  Now it’s for12 months or 1% (the lessor of)  –  (pg 44).
 
Denial of Common Area Usage:  Associations are now permitted to deny owners and occupants the use of common areas and recreational services, and restrict owners voting rights once the owner is over 90 days delinquent on his/her financial obligations to the association  (pgs 52-54).  The use of utility services, elevators and parking spaces cannot be denied however.
 
Diverting Tenant Rent:  Condo associations can now divert tenant rent to pay for any delinquent assessments owed by unit owners (pg 46-47).
 
If you are looking to purchase a condo in Miami,and would like the help of a knowledgeable Miami Realtor, we would be more than happy to assist you.  Give us a call today.
 
 
 
 
 
 

 

 
Are You Prepared?

Are You Prepared?

Hurricanes Among the Most Destructive Forces in Nature     For those in the path of a hurricane: Board up windows and secure loose items like patio furniture Know where to go in the event of an evacuation and how to get there; establish an assembly point for family...

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