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Confused By The New Florida Condo Laws? I Can Help!
Dated: March 1 2023
What Does The New Condo Law Mean For You?
In May of 2022, Florida's Senate Bil SB 4-D was passed. This new bill will impact Florida condominium associations that are 3 stories tall or higher. The new law addresses safety and preventative measures related to the condominium property.
Florida Sentate Bill SB 4-D requires additional and strict inspections by licensed professionals and does NOT allow the waiver of reserves for most condo property components. The Legistlature has given condo associations comprised of 3 stories or more a two year period of compliance for most of the new requirements.
This new bill will make it mandatory for condos 3 stories or higher to perform a Milestone Structural Inspecion, or MSI. A Milestone Inspection Report must be produced by a licensed architect or engineer. An MSI analyzes a building's life safety and structural integrity. The cost of a Milestone Structural Inspection and Report is said to be significant so condo associations should prepare to start funding the MSI. The new law considers it a breach of a director's and/or officer's fiduciary obligations to willfully or knowingly fail to have a Milestone Structural Inspection performed by the date required by the state.
With all of that said to break it down here is a list of requirements pertaining to a Milestone Structural Inspection:
- Building that are 3 stories or higher MUST perform an MSI by December 31st of the year in which the building is 30 years old and MUST continue to be performed every 10 years thereafter
- Condos within 3 miles of the Florida coastline that are 3 stories or higher must be inspected by December 31st of the year the building is 25 years old and MUST be performed every 10 years thereafter
- Buildings with a certificate of occupancy issued on or before July 1, 1992 ( 30 years or older) must conduct a Milestone Structural Inspection before December 31, 2024
In addition to the Milestone Structural Inspection and Report there are several other requirements that are mandatory as a result of this new Florida Senate Bill SB 4-D. Please contact me anytime at 727.251.3268 or [email protected] for additional information and stay tuned for more blog posts explaining this new Bill and how it affects condo owners and associations.
#NextHomeGulfCoast #FloridaCondoLaws #MilestoneStructuralInspection #floridacondos #beachcondos
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