Following the Surfside condo tragedy, the Florida legislature passed new laws overseeing condo and co-op safety, including standards for inspections and reserve studies. Part of that overall plan includes new documents some buyers are entitled to receive from sellers. This was added on March 20th to the condo writer that's required on the contract when purchasing a condo in Florida.

It's important to note that not all sellers will be required to provide these documents to buyers because, A, the law only applies to certain associations. And, B, if the seller's association has not yet obtained the inspection or the study, then they still have until the end of 2024 to do so.

Some of the documents now potentially required to be given to buyers are the milestone inspection and the structural integrity reserve study.

The milestone inspection is a structural inspection conducted for safety purposes. Generally, the requirements for associations to obtain the milestone inspection apply to condos and co-op buildings that are three stories or higher, which are 30 years or older.

If the building is located within three miles of the coast, it's 25 years or older. This is the inspection from an engineer that would determine if the building's in good shape.

Now, the structural integrity reserve study is a study of the reserve funds required for future major repairs and replacements that must be conducted for the buildings that are three stories or higher. This reserve study is very important to determine if there are major issues in the building that have not been properly collected for in the reserves.

Previously under the law, associations could choose to waive collecting for reserves and deal with repairs as they became necessary. Since the Surfside tragedy, that's no longer allowed.

If I'm personally buying into an association, I would want to for sure know if there were any major assessments coming down the pipe and if the building was in safe condition.

If you're thinking about buying a condo in South Florida, we'd love to be your realtor of choice. We have a team of 20 plus full-time experienced agents that are well-versed in the new condo laws to make sure you're fully protected. Call, text, or email us to get started.

Posted by Andy Mandel on
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