The two laws provide more generous timelines for condo associations and potential homebuyers on inspections and the reviewing of documents, among other measures, which should ease assessments that can negatively impact homeowners and buyers.
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Florida Governor Ron DeSantis on Monday signed into law two new bills aimed at providing condo owners in the state with financial relief and reassurance about condo association oversight.
HB 913 intends to provide condo owners and buyers more affordability in regards to mandated condo safety measures through changes like an extended deadline on the “Structural Integrity Reserve Study” (SIRS) and alternate funding options for associations. HB 393 incorporates feedback from condo owners regarding the My Safe Florida Condo Pilot Program, including lowering approval requirements and restricting eligibility to buildings that are at least three stories and contain two single-family units.
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“We’ve heard the concerns of condo owners throughout Florida, and we are delivering reforms that will provide financial relief and flexibility, strengthen oversight for condo associations and empower unit owners,” Gov. DeSantis said in a statement.
“People need to be able to afford to live in these units, especially if they’re getting assessments on things,” DeSantis said during a bill signing event in Clearwater. “Maybe [repairs] do need to be done but it isn’t like the integrity of the structure is at risk here. They need to be able to work those out and you shouldn’t have this mandate apply in this way.”
The bills were largely supported by Florida Realtors, and the association is releasing updated forms in response and will host a webinar on June 30 at 1 pm ET to review the changes.
Florida Realtors was not immediately available to respond to a request for comment on this story.
Previous condo reforms that had been passed in 2022, 2023 and 2024 in the wake of the devastating Surfside condo collapse required “milestone inspections” of older condo buildings and “structural integrity reserve studies” to determine how much in funding should be reserved for repairs. Milestone inspections on older buildings of three or more stories initially had a completion deadline of 2024, and in response, some condo associations implemented new assessments to help meet those earlier deadlines.
In addition to extending the SIRS deadline to Dec. 31, 2025, and narrowing the milestone inspection and SIRS to buildings of three habitable stories or more, the new law also puts a temporary pause on reserve funding for two years following a milestone inspection and gives condo associations flexibility in meeting reserve requirements, as well as allowing them to use lines of credit, if a majority of owners approve, in order to meet reserve obligations.
Condo associations are also now required to post on their website approved board meeting minutes for the previous year to help potential buyers learn about proposed special assessments that may not have yet gone into effect. Buyers also receive an extended period of seven days in which to cancel a contract after receiving the association’s governing documents.
On July 1, Florida Realtors will release three new forms to address the legislation:
- Comprehensive Rider to the Florida Realtors/Florida Bar Contract for Sale and Purchase (CR-7): Revised to extend a potential buyer’s right to review condo association documents to seven business days, excluding holidays and weekends. It will also include revisions as recommended by the Florida Realtors-Florida Bar Joint Committee, as part of a regular forms review.
- CRSP17x_F Condominium Addendum – CRSP17x_F (Addendum to the Contract for Residential Sale and Purchase (CRSP17)): Notifies involved parties that the seller should complete this form, and updates timelines for the buyer to review all documents, inspections, and Structural Integrity Reserve Study Reports from three to seven days.
- Cooperative Addendum (COOP-4): Incorporates new language regarding the milestone inspection, turnover inspection and SIRS reports, and timelines for buyer’s review. A notice has also been included for the seller to complete the addendum.
Home prices have started to fall in Florida in recent months, with the median home price down 4 percent year over year in April — the largest drop in single-family home prices in the state since 2011 — and down 2.2 percent year over year in May, according to Realtor.com. The state’s median list price is now $439,999.
The Florida metros with the greatest price declines in recent months include Cape Coral-Fort Myers, Naples-Marco Island, Miami-Fort Lauderdale-West Palm Beach, Punta Gorda and Panama City-Panama City Beach, Realtor.com said.
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