What Owners and Buyers Need to Know
Summary of Major Changes to Residential or Cooperative Condo Regulation:
- Mandatory milestone structural inspections for condos three stories or higher once buildings reach a certain age
- Structural Integrity Reserve Studies are required every 10 years.
- Defined as a “study of the reserve funds required for future major repairs and replacement of the common elements based on a visual inspection of the common elements”
- Full funding of reserves is required by law for important building components (e.g., roof, plumbing, electrical, foundation).
- Mandatory milestones and Structural Integrity Reserve Studies (the two points above) must be transparent; they must be disclosed to unit owners. Requirements are also enforced by local enforcement agencies.
- Professionals and other qualified individuals may perform inspections and reserve studies.
- Both must be completed by the end of the year on December 31.
- Condo boards can no longer waive or reduce reserve funding for structural repairs identified in the structural studies.
- Condo associations must make key documents and findings easily available to members.
- Criminal penalties—including misdemeanors and felonies—introduced for board members who act in bad faith
For detailed information on inspections, reserves, and legal requirements, explore the official resources below:
- https://www.flsenate.gov/Committees/BillSummaries/2022D/html/2875
- https://www.flsenate.gov/Committees/billsummaries/2023/html/3187
- https://www.flsenate.gov/Committees/BillSummaries/2024/html/3512
Have questions about how these updates affect your property? Contact Epic Solutions Realty today for expert guidance.