February 4th, 2022 2:56 PM by Linda Holley
Hello, and thanks for reading my blog. Below are some of the bills before the Florida House and Senate providing for the safety and health of residents of condominium communities as a result of the Surfside Tragedy that claimed the lives of 98 people.
Condominium Associations: HB 1397 by Representative Geller and SB 1774 by Senator Pizzo authorize a person preparing a financial report to rely on an inspection report prepared for the association to meet fiscal and fiduciary standards imposed by the Condominium Act. The bills provide that an association may not waive financial reporting requirements for more than three (3) consecutive years. The bills require each board candidate to file a certification form attesting that the candidate has read and understands the community documents and the law, and they require every condominium building taller than three stories to be inspected every five years. HB 1397 is pending referral. SB 1774 received 3 referrals. Neither bill has had a hearing so passage during the 2022 Session is unlikely.
Condominium Inspections: SB 1702 by Senator Bradley incorporates provisions from the Task Force created in the aftermath of the Surfside tragedy. This bill will create mandatory “milestone inspection” reports for condominium and cooperative buildings of three stories or more. These bills will require a licensed engineer or architect to prepare the inspection reports which then must be provided to local building officials and unit owners. The report will become a mandatory part of the association’s official records and available to prospective purchasers. SB 1702 received 3 committee references and has been approved by the first two committees. This bill could be the vehicle for this year’s omnibus community association bill.
Community Association Building Safety: SB 7042 by the Senate Regulated Industries Committee incorporates provisions from the Task Force created in the aftermath of the Surfside tragedy. The bill requires milestone building inspections for residential structures, requires reserve studies for structural components of buildings, and ensures transparency with regard to building safety for unit owners and prospective purchasers. The bill also requires full reserves or financial alternatives such as a Line of Credit to fund deferred maintenance and provides a private cause of action for unit owners if a board of directors fails to fulfill these obligations. This bill could also be the vehicle for this year’s omnibus community association bill.
Call Linda Holley, Realtor, GRI, SRES, Fine Properties, Sarasota, Florida, for your Sarasota and Venice, Florida real estate needs. 941-914-4914
www.LindaHRealtor.com
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