New Florida law governs oversight, brings financial bite

Author: David Dorsey, Gulfshore Business
Published: Updated:

A new law has transformed the condominium market in Florida, forcing owners to change their financial plans. The laws have been prompting many owners to sell their condos now, because the bills have come due and they cannot afford to pay them.

The Condo Rights Bill already has taken on a trio of nicknames. House Bill 1021, passed in 2021 unanimously by the state’s House of Representatives and Senate, is also known as the “DeSantis Condo Law,” “Condo 3.0” and the “New Condo Law.”

Written after 98 people died when the 12-story Champlain Towers South condo in Surfside on the east coast partially collapsed in June 2021, the new law requires condos of four or more stories to have milestone inspections. It also requires condo associations to have structural integrity reserve studies, elect leadership, keep records, maintain financial literacy and transparency, levy fines and issue notice and meeting requirements.

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