Become a Member: JOIN SFPMA TODAY   LogIn / Register: LOGIN/REGISTER

SFPMA Industry Articles | news, legal updates, events & education! 

Find Blog Articles for Florida’s Condo, HOA and the Management Industry. 

The New York Times was doing a story about the incredible number of condominiums in Miami and how fast they were all built read it here!

The New York Times was doing a story about the incredible number of condominiums in Miami and how fast they were all built read it here!

  • Posted: Jan 31, 2022
  • By:
  • Comments: Comments Off on The New York Times was doing a story about the incredible number of condominiums in Miami and how fast they were all built read it here!

HOW IN THE WORLD DID WE  GET HERE?

By Eric Glazer, Esq.

So, I get a call a few weeks ago from a reporter at The New York Times.  He was doing a story about the incredible number of condominiums in Miami and how fast they were all built.  How the entire skyline on the coast changed dramatically in the past 40 years or so and if it’s possible that The Champlain Towers in Miami was just a freak occurrence, or something that we need to start thinking about regarding all condominiums that were rushed through and given the green light.  Is it possible for other similarly situated buildings to start falling down?

The story is somewhat startling but not surprising.  It’s a story about greed, out of control construction, tampering with Mother Nature, little to no inspections, rushed through permits,  law firms and politicians helping developers  and The Florida Legislature turning a blind eye towards all of it.

If you’re living in a building in Miami, this is a must read.  If you don’t live in Miami, but are concerned about whether or not your building was built properly, it’s a must read as well.  Besides myself, there are politicians, builders, developers and other experts that tell their side of the story in detail.  Some of it is shocking.

Because so many turned their backs years ago, no wonder the story is called THE TICKING CLOCK OF MIAMI’S CONDO EMPIRE.  You should also know that coincidentally, Robert Lisman, who is the resident from Champlain Towers East, is the producer of our Condo Craze You Tube channel.  It’s a long article but again, it’s a must read.  To read it, click the Towers and the Ticking Clock below:

The Towers and the Ticking Clock

 

Tags:
How to Manage Littoral Zones in Florida by SOLitude

How to Manage Littoral Zones in Florida by SOLitude

  • Posted: Jan 30, 2022
  • By:
  • Comments: Comments Off on How to Manage Littoral Zones in Florida by SOLitude

How to Manage Littoral Zones in Florida

Littoral Zones in Florida Waterbodies

Florida is famous for its beautiful wetlands, but these natural treasures are threatened by hundreds of different factors, from the composition of bottom sediments to features in the surrounding landscape. The space where these environments meet provides valuable insight about the health and diversity of an aquatic ecosystem. This unique area is called the littoral zone.

What Is a Littoral Zone?

The littoral zone is the down-sloping shelf of a pond or lake. This is the area that stretches from the high-water mark to the shore and into the area where sunlight penetrates through to the sediments at the bottom of a waterbody. Although the exact definition of littoral zone can change depending on the waterbody, it is generally considered the shallow area close to the shore in both saltwater and freshwater environments.

When healthy, the littoral zone looks like a miniature wetland. The beneficial plants that grow here often feature purple, white, yellow, or blue flowers that usually bloom all year long in Florida’s climates. These plants may include Golden Canna, Pickerelweed, Southern Blue Flag Iris, Fragrant Water Lily, and Florida Swamp-Lily.

Importance of a Littoral Zone

The littoral zone or littoral shelf supports a large number of native plants and aquatic life. Because Florida’s aquatic species are so diverse, some plants can survive partially or completely submerged while others do just fine floating on the water’s surface. Waterbodies that support a wide variety of native plant species tend to provide more nutrients to the native wildlife that are key to maintaining cover and habitat. In addition to supplying food to ponds and lake fish, local plants help maintain balanced levels of oxygen and other key elements.

Benefits of a Littoral Zone

In addition to protecting the health of lakes or ponds, the littoral zone can enhance the aesthetic appeal of any Florida waterbody. When filled with thriving plants and wildlife, a well-tended littoral zone adds value to the shoreline and even the surrounding property.

A littoral zone helps improve water quality by fostering beneficial species that consume the excess nutrients that contribute to nuisance algae and invasive aquatic weed growth. Additionally, when located near a flow structure, the littoral shelf helps filter out the minerals and nutrients in water before it leaves the lake or pond. This improved water quality has the added benefit of keeping mosquitos at bay and reducing foul odors exuding from the water.

Littoral shelves also help maintain the shoreline and prevent erosion. The native plant roots hold the soil and make the banks more stable and durable, which in turn helps reduce the need for extensive restoration or dredging projects in the future.

Littoral Zone Maintenance

Because the littoral zone transitions from dry land to the aquatic environment, it responds to natural and human influences and activities in the land ecosystem as well as the aquatic one. And because it is important for many industrial and recreational purposes, the littoral shelf is often drastically affected by human activities that amplify algal and weed growth, nutrient loading, overgrowth of invasive species as well as cause acidification and fluctuations in the water level. This underscores the importance of the littoral zone and littoral shelf maintenance for the health of lakes and ponds.

Establish A SOL Pro Plan for A Balanced, Healthy Waterbody

When properly established and managed, the littoral zone is less likely to require herbicide or algaecide applications. Recurring proactive management strategies such as nutrient remediation, biological bacteria applications, water quality testingaerationOxygen Saturation Technology (OST), and other sustainable solutions can have a lasting positive impact in Florida’s delicate aquatic environments. A SOL Pro Annual Management program will help any property owner prolong the balance and beauty of their lake or pond’s littoral zone.

 

Tags: ,
At International Subsea Services LLC, we are focused on providing Subsea Solution services with the highest levels of customer satisfaction  832-257-0813

At International Subsea Services LLC, we are focused on providing Subsea Solution services with the highest levels of customer satisfaction  832-257-0813

  • Posted: Jan 29, 2022
  • By:
  • Comments: Comments Off on At International Subsea Services LLC, we are focused on providing Subsea Solution services with the highest levels of customer satisfaction  832-257-0813

International Subsea Services LLC

832-257-0813

At International Subsea Services LLC, we are focused on providing Subsea Solution services with the highest levels of customer satisfaction –

We will do everything we can to meet your expectations with a variety of offerings to choose from, we’re sure you’ll be happy working with us. I am currently an independent contractor and have been in the commercial offshore industry for the past 14 years. I have worked as a Project Manager that produces results for a wide variety of clientele. The base of my experience is in Diving/ ROV operations/ subsea installations and construction projects worldwide. I have performed a variety of jobs such as offshore oil rig subsea operations and completions, flow line jumper, measurement and construction of flexible and rigid jumper pipeline, seabed and rig surveys, onsite intervention projects of various natures in remote locations, First subsea pipeline repair done exclusively with ROV and intervention tooling. ROV intervention SIT’s and FAT’s for a wide variety of equipment including ROV access and tooling interface. We look forward to working with you and joining you Project management team.

International Subsea Services

Tags: ,
Are Algal Blooms Harmful to Humans? by SOLitude

Are Algal Blooms Harmful to Humans? by SOLitude

  • Posted: Jan 26, 2022
  • By:
  • Comments: Comments Off on Are Algal Blooms Harmful to Humans? by SOLitude

Are Algal Blooms Harmful to Humans?

by SOLitude Lake Management

 

Are Lake & Pond Algal Blooms Harmful to Humans?

During the summer, we all look forward to recreational activities on local lakes and ponds; however, sometimes our plans are canceled due to unsightly, smelly, harmful algal blooms. Knowing a little about how HABs form can help us understand their health effects, ways to identify them, and strategies to prevent them.

How Do Harmful Algal Blooms Form in a Lake?

Algae are a natural feature in many aquatic ecosystems. Most lakes have some algae growth on a regular basis, especially during the warm summer months, but it is crucial to stay on top of the algae development since blooms can happen quickly – before you know it, there are ugly floating mats on the lake’s surface. Likewise, certain species like cyanobacteria (also referred to as blue-green algae) can create concerning conditions by releasing dangerous toxins into the water.

Here are some signs that a bloom may be harmful:

  • Visible pond scum on the lake’s surface
  • Various colors such as reddish-brown, blue-green, or pea soup color
  • Often looks like paint floating on the water

Toxicity of Blue-Green Algae

Each bloom’s toxicity can vary and it’s hard to predict how dangerous a bloom will be as its toxicity changes daily. If the lake on your property looks like it may be developing dangerous levels of algae growth, take immediate steps. Not all blooms are toxic, and the only way to be sure that a bloom may become toxic is through laboratory testing. However, it can take a few days to collect and test samples, and by then, it may be too late.

Why Do Lakes Have Algal Blooms?

Most often, harmful and toxic algal blooms occur because a lake or pond is not healthy. The lake may have an excess nutrient load due to the presence of too much phosphorus and nitrogen. When there are too many of these nutrients in the lake water, algae can overgrow or bloom.

A waterbody’s health can change year over year, depending on the weather and other factors in its surrounding environment. This is why a lake that was seemingly healthy suddenly experiences a bloom. This doesn’t necessarily mean the lake is destined for poor health, but it does indicate that there are imbalances that must be addressed.

Conditions that may change lake health and cause a harmful algal bloom include:

  • Changing weather and climate—longer dry spells can lead to more algal blooms.
  • Excess nutrients in sediment—nutrients are absorbed by the lake’s sediment but are sometimes released due to a variety of conditions that are difficult to predict
  • Development around a lake—if the lake or pond area is developed and the vegetation removed, there can be more pollution in the waterbody due to runoff
  • Water flow changes—if the water flow is no longer adequate, it may become stagnant and the temperature may rise, creating conditions that are favorable for algae blooms

What Are the Effects of Harmful Algal Blooms?

The toxins produced by harmful algal blooms can cause serious health impacts to pets, people, wildlife, and livestock. These health effects can range from skin irritation and rashes, gastrointestinal illnesses, neurological problems, and even death.

 

Strategies to Manage Harmful Algal Blooms

Once algae have overgrown enough to cause a large bloom, management can be challenging. Prevention is the best way to ensure harmful algal blooms don’t occur. Association boards and community managers can help prevent or minimize the risk of harmful algal blooms by taking the following steps:

  • Ensure there is plenty of water movement and dissolved oxygen by installing fountains and submersed aerators.
  • Pick up and properly dispose of pet waste, which is a common source of excess bacteria and nutrients.
  • Implement landscaping strategies such as xeriscaping that help improve groundwater filtration before the water enters the lake.
  • Replace manicured lawns or cement banking around the lake with native plants for additional filtration and shoreline stabilization. Allow native deep-rooted plants to grow close to the water’s edge.
  • Promptly remove grass clippings and leaves to prevent their decomposition in and around lakes and ponds.
  • Reduce nutrient-rich runoff by using phosphorus-free fertilizers and detergents.
  • Stock fish, such as triploid grass carp, that feed on algae and nuisance aquatic plants. Triploid grass carp are not legal in all states. Make sure to check your state regulations before stocking.

Maintaining Balanced Water Quality

To eliminate algae, the best course of action is to contact a freshwater management professional who can monitor and maintain balanced water quality and advise and apply appropriate management solutions. These professionals will ensure that the lake or pond’s water is clean and healthy and that the levels of algae remain at beneficial, manageable levels.

DOWNLOAD A FREE TOXIC ALGAE GUIDE

 

Tags: ,
BuildingLink – Forward Focus: Re-engineering for the next 20 years by Richard Worth Regional Sales Director – Florida

BuildingLink – Forward Focus: Re-engineering for the next 20 years by Richard Worth Regional Sales Director – Florida

  • Posted: Jan 25, 2022
  • By:
  • Comments: Comments Off on BuildingLink – Forward Focus: Re-engineering for the next 20 years by Richard Worth Regional Sales Director – Florida

BuildingLink – Forward Focus: Re-engineering for the next 20 years

by BuildingLink

 

The “What” and “Why” behind the changes BuildingLink is making.

BuildingLink has been hard at work – making our groundbreaking management system even better! The BuildingLink architecture we launched 20 years ago has withstood well the test of time – as evidenced by our amazing 5,800 property customer base. We know it is time to revisit and re-engineer what we had built, to make our management platform even more amazing. What are we currently working on?

 

We started with these core modules – Maintenance & Repairs, Amenity Reservations, Unit Overview, and Announcements – and have nearly completed rearchitecting their entire back end and front-end with these goals in mind:

·  Creating a state-of-the-art, eye-pleasing design.

·   Enhancing BuildingLink’s navigation experience by switching to a new single-page application (SPA) approach using Vue.js (instead of server-based page rendering) with dynamic drill-downs, pop-ups, and mouse-overs.

·   Implementing a super-secure back-end data layer built on API calls (technology that protects, limits, and speeds up access to your data).

·   Modularizing the code functionality to make it more predictable, reusable, and expandable by our developer team.

·   Preparing our site to support the latest and greatest in scalable, resilient technology – the stuff developers are excited to work with!

·   Moving to an entirely new and more “muscular” data center with better and faster servers and lots more internet connections. (Now Complete)

We hope you like what you have been seeing – we’re designing the changes by asking, managers, board members and BuildingLink fans to participate in our evolution through continuous user feedback.

We’ve already implemented more than 30 awesome suggestions from our valued BuildingLink users (THANK YOU!).

 

Rest assured that we take every bit of feedback to heart. We are working on the most important things first, the best way to influence the changes you would like to see is to please share with us your feedback
Call or email our Florida Sales Director

Thank you
Richard Worth
Regional Sales Director – Florida
407-529-6063
Richard@BuildingLink.com

 

 

Tags:
Shifting the Emotional Burden of Condo and HOA Delinquency by Axela Tech.

Shifting the Emotional Burden of Condo and HOA Delinquency by Axela Tech.

  • Posted: Jan 25, 2022
  • By:
  • Comments: Comments Off on Shifting the Emotional Burden of Condo and HOA Delinquency by Axela Tech.

Shifting the Emotional Burden of Condo and HOA Delinquency

by Bob Gourley / Axela Technologies

As an HOA delinquency collections professional, I frequently handle collection issues involving home and unit owners who have fallen behind in the timely payment of their association. So I know all too well the very real emotional cost paid by both debtor and collector. Timely payment and collection of common fees and assessments is as basic a business transaction as there is. However, because real human beings are involved, the transaction is often wrought with human emotion. Many times, those emotions range from tragic to hostile. Using a specialized debt collection agency for your condo or HOA delinquency problems isn’t just practical, it could be a lifesaver!

 

Pay Close Attention to the Person Behind the Debt Curtain

Unfortunately, regardless of how a condominium or HOA is managed—professionally or by the association itself—HOA delinquency cannot go unchallenged. If common fees and assessments aren’t collected in a timely fashion, the association suffers. Monies that were budgeted for association expenses aren’t available and, in some extreme cases, the good-paying owners in the community could be forced to cover the delinquencies through increased dues or assessments. This is an unfair situation that can cause serious distress in your community.

Shifting the Emotional Burden of Condo and HOA Delinquency

 

That said, consider this: when a homeowner hasn’t paid their association dues for multiple months, there are typically underlying circumstances and turmoil. Money is tight for whatever reason and the homeowner has decided that the association can wait for their money. Studies have shown that people experiencing financial hardships are far more prone to physical and emotional illness. Approaching someone who is experiencing financial hardship is challenging and should be handled by someone trained in doing so, as the conversation will likely be unpleasant.

Shifting the Emotional Burden of Condo and HOA Delinquency

 

Preparing for a Difficult Conversation

Should a delinquent homeowner decide to call the association or management firm to discuss their delinquency and address how they will repay the association, it will almost certainly be a lengthy call. It typically starts pleasant enough but quickly devolves into a discussion of non-association business items and explanations (or excuses) of why the fees cannot be paid at this time. The debtor will often play to the empathy of the person receiving the call, expecting that their story will convince the call recipient of their goodness and their intent to pay eventually when things get better for them. But the association is a business, and no amount of empathy can erase the fact that the money they owe is very much needed to keep the community healthy and successful. Homeowners often fail to remember that they don’t just live in a house that they call home, they live in a collection of homes that rely on one another to thrive, and any dollars lost can cause real struggle.

Shifting the Emotional Burden of Condo & HOA Delinquency

Once they are reminded of that, the call tends to escalate into anger because the debtor isn’t getting the leniency they hoped for or want. If you have ever received a call like this, you know exactly what I am talking about. These calls often end with little to no positive outcome.

In fact, there is usually a negative outcome. The debtor is upset because the call didn’t go their way. They still owe the money and they are now convinced that the association doesn’t care about them. The call recipient is typically upset because they have spent a great deal of time hearing the sad tale of woe and then being subjected to the debtor’s anger when things didn’t go their way. I have heard tales of people listening to the debtor for 25 to 30 minutes and then needing just as long to recover from the sad and hurtful phone call before being able to get back on task. This is a great emotional expense, but it can also be a great financial expense for time lost to an unproductive activity.

 

Hand Off the Emotional Burden

Using a specialized and fully licensed condo and HOA delinquency collection service such as Axela Technologies makes perfect sense in this situation. The association or management firm simply places the delinquent home or condo owner into our collections system as needed. At no cost or risk to the association, Axela Technologies’ highly-trained debt collection professionals take that burden off the association or association management firm. Since working with delinquent owners is all we do, you can bet we are equipped to handle the emotional cost of delinquency to the owner as well as the association. Since our service is merit-based, there is no extra financial burden on the good-paying owners. We take a negative and turn it into a positive.

Get in touch with Axela Technologies and avoid the emotional cost of delinquency for your association and your association members. Axela Technologies handles all collections on a merit-based system. Visit our website at https://www.axela-tech.com today to get in touch with one of our collections experts.

 

Tags: , ,
Why do you need a website in 2022?

Why do you need a website in 2022?

  • Posted: Jan 25, 2022
  • By:
  • Comments: Comments Off on Why do you need a website in 2022?

AAA Computer Website and Social Media Design Company (established in 1996 ) is a premium design agency that focuses on quality, innovation, & speed. We utilize technology to bring results that grow our clients businesses. We pride ourselves in great work ethic, integrity, and end-results. Throughout the years AAA has been able to create stunning, designs in multiple verticals while allowing our clients to obtain an overall better web presence. We offer Emergency Website Repair for your existing site!

The websites we produce are clean and fresh, each uniquely designed. Furthermore, we endeavor to ensure all our sites meet the accessibility standards demanded by the World Wide Web Consortium. Our websites are tested in the most commonly used browsers at different screen resolutions.

Top Reasons Your Business Needs A Website in 2022

1: Customers Expect It
2: Your Business Will Gain High Credibility
3: Cost-Effective Solution For Today’s Viewer
4: Your Customers Can Stay Updated On NEW Products
5: Accessible Around the Clock 365 Days A Year
6: You’ll Appear In Google Search Results
7: More Customers (Means More Profit)
8: Target A Wider Audience Worldwide
9: It Provides A Medium to Showcase Your Work
10: Communication With Customers
11: Marketing
12: You Can Beat Your Competitors

For More Information Call Us Today!
AAA Computer Website and Social Media Company
561-718-1148

Find us on the Members Directory of SFPMA

With the new Law – Florida CS/HB 1237- One part of this is Every Condo, HOA and Association will have to inform owners and keep documents and Files available to All Owners. These Condos will need WEBSITES for this to be compliant. WE CAN HELP YOU WITH DESIGNING YOUR WEBSITE!

 

Tags: ,
Should I feed the ducks? by Allstate Resource Management

Should I feed the ducks? by Allstate Resource Management

Should I feed the ducks?

Allstate Resource Management

First of all, it is not healthy for them as they become dependent on people for food. The best food for ducks is what they eat naturally— algae, insects and a variety of plants which are abundant in our subtropical climate. Humans most often feed them bread and similar items. These have no nutritional value for the duck. Additionally, feeding by humans makes the ducks reliant on such hand-outs, too lazy to continue foraging for their natural dietary items and uneaten “human” food will rot quickly in warm weather.

Second, feeding ducks encourages them to use the neighborhood as their bathroom, leaving droppings on patios, sidewalks and porches. As a result, controversies frequently arise between residents who enjoy the birds and residents who consider them a nuisance. Even duck lovers have complained about the problem of duck droppings on the lawns, drive-ways, patios, and even in their swimming pools. This is not healthy for people, particularly for the children playing in these areas. Wild ducks can spread disease to humans.  When small children, the elderly and persons with immune system problems directly handle newly-hatched chicks, they may be exposed to salmonella. Muscovies can also transmit disease to wild waterfowl. All confirmed outbreaks of DVE, also known as duck plague (a sometimes-devastating viral infection) in wild waterfowl have been linked to domestic ducks. Fowl cholera is another serious disease that is transmittable between domestic and wild waterfowl. Although we have had no major outbreaks reported yet in Florida, the potential for Muscovies to spread this disease to wild waterfowl is a biological concern.

Second, feeding ducks encourages them to use the neighborhood as their bathroom, leaving droppings on patios, sidewalks, and porches. As a result, controversies frequently arise between residents who enjoy the birds and residents who consider them a nuisance.

Feeding ducks is a fun. But before you head off to your local pond, here are a few things to keep in mind:

DON’T: Feed ducks bread or junk food. Foods like bread and crackers have no nutritional value to ducks and can cause malnutrition and painful deformities if consumed too much.

DON’T: Leave uneaten food lying around. Leftover food in the water can rot and cause deadly algae blooms that affect local wildlife.

DON’T: Try to pet wild ducks. They may not appreciate your efforts!

Keep a respectful distance and remain nonthreatening, especially to ducklings who may become stressed or injured more easily.

 

Tags: , ,
SRI Consultants, Inc – ENGINEERING AND ARCHITECTURAL SERVICES

SRI Consultants, Inc – ENGINEERING AND ARCHITECTURAL SERVICES

  • Posted: Jan 25, 2022
  • By:
  • Comments: Comments Off on SRI Consultants, Inc – ENGINEERING AND ARCHITECTURAL SERVICES

ENGINEERING AND ARCHITECTURAL SERVICES

Here at SRI Consultants, Inc., we take pride in what we do. The extra effort and attention to detail put forth by our team ensure you receive the highest quality services available to the industry, all while saving you time and money. Coastal areas like South Florida have a unique need for concrete rehabilitation and protection services predominantly related to assessing structural damage. Our team has specialists in structural engineering, civil engineering, environmental engineering and corrosion engineering at your disposal.

 

We offer engineering services for projects related to single family homes, multi-story structures, condominiums, hotels and motels, cooling towers, and seawalls. All project drawings are prepared using the latest AutoCad software. SRI can also deliver projects in Revit Architectural and Revit Structural.

 

Structural Design & Analysis
Structural analysis using state-of-the-art computer analysis programs for various building code requirements – FBC, IBC, ASCE, AISC. Structure types include reinforced concrete, metal and heavy timber structures. Cooling tower supports and retrofits. Window and door replacements for high-rise buildings and store fronts.
Corrosion Engineering
Corrosion condition assessment of concrete structures using corrosion potential mapping and corrosion rate measurements. Design of corrosion mitigation systems such as Cathodic Protection and/or Prevention. Building piping corrosion remediation for cooling water systems and domestic water lines.
Civil Engineering
Site planning, drainage design, and grading
Environmental Engineering
Phase I and II assessments (ASTM Standard), contamination assessments, corrective action plans (CAP), contamination assessment reports (CAR), remedial action plans (RAP), and fuel tank closure assessments
Conversion of Paper Design Documents to CAD
Conversion of paper-based design documents to data-rich 3D models, improving document preservation, organization, and storage. Revit modes incorporate all disciplines in one file and allow users to view structures from many different perspectives and cross sections.
Expert Witness Services
Client support for reviewing technical documents, commenting, preparing opinion letters, and providing testimonials.

 

SFPMA Members Find us on the members Directory

 

https://wp.me/p6Iu1B-bFr

 

Tags: , ,
FANNIE AND FREDDIE ARE ABOUT TO MAKE IT MUCH TOUGHER TO GET A LOAN TO BUY A CONDO.

FANNIE AND FREDDIE ARE ABOUT TO MAKE IT MUCH TOUGHER TO GET A LOAN TO BUY A CONDO.

  • Posted: Jan 25, 2022
  • By:
  • Comments: Comments Off on FANNIE AND FREDDIE ARE ABOUT TO MAKE IT MUCH TOUGHER TO GET A LOAN TO BUY A CONDO.

FANNIE AND FREDDIE ARE ABOUT TO MAKE IT MUCH TOUGHER TO GET A LOAN TO BUY A CONDO.

By Eric Glazer, Esq

 

IT MAY BECOME IMPOSSIBLE TO GET A NEW MORTGAGE IN MANY CONDOS

As if condos didn’t have enough problems, Fannie Mae and Freddie Mac have just come out with new guidelines that condos must follow.  Fannie Mae and Freddie Mac are government-sponsored agencies that purchase large quantities of home loans to keep money circulating throughout the home mortgage economy.   They won’t purchase these loans any longer unless:

Delinquent assessments for Established Condominium Projects

No more than 15% of the total number of units in a project are 60 or more days delinquent in the payment of their HOA assessments.

The Condo Must Have a Reserve Study

The reserve study must comply with the following requirements:

  1. The reserve study generally must include:
  • An inventory of major components of the project
  • Financial analysis and evaluation of current reserve fund adequacy, and
  • Proposed annual reserve funding plan
  1. A reserve study’s financial analysis must validate that the project has appropriately allocated the recommended reserve funds to provide the Condominium Project with sufficient financial protection comparable to Freddie Mac’s standard budget requirements for replacement reserves
  2. The reserve study’s annual reserve funding plan, which details total costs identified for replacement components, must meet or exceed the study’s recommendation and conclusion
  3. The most current reserve study (or update) must be dated within 36 months of the Seller’s determination that a Condominium Project is eligible
  4. The reserve study must be prepared by an independent expert skilled in performing such studies (such as a reserve study professional, a construction engineer, a certified public accountant who specializes in reserve studies or any professional with demonstrated experience and knowledge in completing reserve studies)
  5. The reserve study must meet or exceed requirements set forth in any applicable state statutes
  6. The reserve study must comment favorably on the project’s age, estimated remaining life, structural integrity and the replacement of major components

If the Seller relies on a reserve study that meets the requirements of this section, the project’s budget must contain appropriate allocations to support the costs identified in the study.

 

 

Tags: , ,
KBR’s Seminar offerings at the Palm Beach Expo on February 1, 2022

KBR’s Seminar offerings at the Palm Beach Expo on February 1, 2022

  • Posted: Jan 25, 2022
  • By:
  • Comments: Comments Off on KBR’s Seminar offerings at the Palm Beach Expo on February 1, 2022

KBR’s Seminar offerings at the Palm Beach Expo on February 1, 2022

9:30am-10:30am
JUMPING INTO THE PRESENT: WHY UPDATING YOUR GOVERNING DOCUMENTS IS IMPORTANT
Instructor: Allison L. Hertz, Esq., BCS
One CEU in OPP or ELE
2:30pm-4:30pm
2022 LEGAL UPDATE
Instructor: Peter C. Mollengarden, Esq., BCS
TWO CEUs in LU (Legal Update)

 

Kaye Bender Rembaum will also be in attendance and offering seminars at the following Expos in February:

February 4th – Miami Beach Convention Center – Miami Beach
February 10th – Tampa Convention Center – Tampa
February 15th – The Signature Grand – Davie
The Kaye Bender Rembaum Team Remains Available To You and Your Community Association
Visit KBRLegal.com for awesome free resources, including 2021 Legislation, news with Legal Morsels and Rembaum’s Association Roundup, and our Event Calendar, including upcoming free classes.

Tags: , ,