Congratulations to Florida Realtors® that recently scored a big legislative victory! Once signed into a law to take effect on July 1st 2017, Florida will be prohibiting associations to charge unreasonable fees for an Estoppel Certificate.

As many of you may know, a seller in a homeowner and condominium association is required to provide prior to closing, an Estoppel Certificate which is a statement of the homeowner’s financial status with the homeowners or condominium association.

The new law will cap the fees that associations are charging for this service. A maximum of $250 will be charged for unit owners who are current in their association. An additional $150 can be charged for those who are delinquent in their assessments. A $100 fee may be charged for expedited services. There will be a maximum of $500 for an expedited, delinquent estoppel certificate.

Finally, the bill will also require an Estoppel Certificate to be valid for a period of 30 days and the association to prepare and deliver the document within 10 days of the request.

For more information on the Florida home buying and home selling process, contact us today at Looking to buy a house, a condo or a villa in Miami or Sarasota Florida? We are just an email or phone call away!