On July 1, 2017 several new amendements to chapter 718 of the Florida Condominium Act went into effect. Here is what you need to know if you are looking to rent or buy a condo in the Sunshine State.

  • A unit renter has the right to inspect and receive a copy of the association’s by-laws and rules.
  • The association must issue an estoppel certificate (letter) within 10 business days of receipt of a written electronic request for said certificate.
  • If the estoppel certificate is not delivered within 10 business days from request, no fee may be charged for the preparation and delivery of said estoppel certificate.
  • The estoppel certificate if hand-delivered or sent electronically must be valid for 30 days; and 35 days if sent by regular mail.
  • The fee is limited to up to $250.00. However, for an expedited request to be delivered within 3 business days, the association may charge an additional $150.00. Furthermore, if the owner is delinquent on the payments, the association may charge an additional $150.00.
  • All condominium estoppel certificate must contain the following:
    • Specific assessment information
    • An itemized list of all assessments
    • Regular periodic assessment and frequency
    • Assessments and other moneys to become due
    • If there is a capital contribution fee and the amount
    • Resale fee or any other fee and the amount
    • If there is a right of first refusal to the association or to its members
    • Contact information for all insurances maintained by the association
  • Board of director members are limited to a maximum term of 8 years.
  • Denial of condo documents may be cause for a felony charge.
  • Associations with 150 or more units must post digital copies of the condo documents on its website as of July 1, 2018.

Effective July 1, 2017, Condo Associations and Homeowners Associations will have a limit on the amount they will be able to charge homeowners for an Estoppel Certificate (estoppel letter). The cap is as follows:

  • For Homeowners who are current in their assessments: $250.00
  • For expedited services, to be delivered within 3 days from request: $100.00 extra
  • For Homeowners who are delinquent in their payments: $150.00 extra

This bill also requires certificates to be valid for 30 days if delivered electronically, and 35 days if delivered by mail. This uniformed fee will facilitate accuracy for closing agents when preparing closing estimates for sellers.

If you are looking to rent or buy a condo in Miami Florida, contact us today at info@kijner.com.

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Source: Fortune International Realty