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