As we bring in the New Year so do we bring in the new laws and new requirments of 2009. Florida Law Makers see a need to require a document, notice I did not say form, that will become reqired as part of the paper work of any sale that deals with an association. The document is 5 pages that explains in detail all the rights and obligations of the seller, buyer and the association. From reading the entire document I can not see where any laws have changed, so it appear to me that the new law is basicly provideding a disclosure to all parties involved in the transaction.
I will say that it clears up any questions as to who must do what when. Afew example is that the property owner must provide to the association if requested byt the association proof of insurrance. If proof is not given to the association, the assocation can then purchase insurance coverage to protect the property.
You can read the complete document at the following link: http://www.chucksellsmiami.com/usefuldoc/condogovernanceform.html
Next Blog we will take a look at the new reqirments taking effect later this year with Citizen Insurance