A massive condominium bill addressing everything from fire sprinkler retrofits to incentives for moving excess condo inventory is among the real estate-related legislation taking effect today in Florida. this 103-page bill contained at least two of the many changes sought: incentives for buyers of multiple condo units and repealing the requirement that individual owners carry hazard insurance.
The "bulk buyer" provision seeks to stimulate condo sales by enabling investors to purchase condo units in bulk (seven-plus units) without incurring the legal and financial liabilities of the original developer. The hazard insurance provision repeals a 2008 law requiring unit owners to provide proof of insurance every year. If a unit owner failed to provide a certificate of insurance, the association was allowed to purchase insurance on the owner's behalf and assess the unit owner for the cost of the insurance.
SB 1196 also specifies that:
· Florida law no longer requires owners to purchase individual unit owner insurance coverage, though it could still be required by lenders or through the Declaration of Condominium;
· Associations of condos over 75 feet high aren't required to retrofit sprinkler systems;
· Lenders must pay more of past-due assessments on foreclosed properties;
· Associations may deny owners or occupants the use of common areas and recreational amenities when the owner is more than 90 days delinquent in paying financial obligations due to the association; and
· Associations may divert tenant rents to pay for delinquent assessments owed by unit owners.
For more information about bulk condo opportunities on the Gulf Coast of Florida, including Tampa, Clearwater, St. Petersburg, & Sarasota, please give me a call.
Steve Eckhardt, Broker, Luxury Real Estate Professional
Contact me at (813) 765-1182
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