A new Florida condo bill was signed by Governor Crist on June 1, 2010. There are a few points addressed in the bill that all condo owners and future owners should know. SB 1196 highlights are listed below:
- Lenders will be required to pay more past-due assessments for foreclosed condonimiums.
- Associations will be allowed to deny owners and occupants use of recreational facilities and common areas if the owner of the condo is 90 days delinquent in his/her obligations to pay the association dues.
- Associations will be able to use rent paid by a tenant to pay delinquent assessments owed by the unit's owner.
- Remove the requirement that condominium owners must purchase individual condo insurance coverage.
- SB 1196 will also remove the requirement for sprinkler retrofits in condos that are 75 feet or higher.
For more information about condominiums in Florida on the east coast, contact Kevin Kling ph. 386-527-8577.