what happens if condos dont get the florida inspection. sfpma.com
What happens if condos dont get the florida inspection?
If a condo in Florida does not undergo the required inspection, the condo association could face significant consequences including: difficulty obtaining insurance renewals, increased insurance premiums, potential legal action from owners, inability to sell units easily due to disclosure requirements, and may be forced to levy special assessments on owners to cover necessary repairs identified in the inspection if they are not completed, potentially leading to financial strain for residents; ultimately, if structural issues are severe, the building could be deemed unsafe for occupancy by local authorities.
Key points about Florida condo inspections:
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New legislation:Florida enacted strict laws requiring regular structural inspections for condos, particularly older buildings, following the tragic Champlain Towers collapse in Surfside.
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Consequences of non-compliance:Condo associations that fail to get inspections done could face penalties, including difficulty securing insurance, higher insurance costs, and potential legal action from unit owners.
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Disclosure requirements:Inspection reports must be disclosed to potential buyers, making it difficult to sell units if the building has not been inspected and repairs are needed.
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Reserve funds:Inspections are often tied to the need to build up sufficient reserve funds to cover necessary repairs identified in the inspection
What is the new law for condo inspection in Florida?
Under the laws, all buildings occupied before 1992 must complete a milestone inspection by Dec.31, 2024. This is an examination of the building’s structural integrity by an architect or engineer. The requirement also applies to buildings at least 25 years old that are within 3 miles of the coast
We will have this information in the near week from the State!
