This bill reverses the uncertainty created by a court decision so that developers may specify what portions of a building are within the condominium and protects consumers to alleviate uncertainty in mixed-use or shared facilities .
What initially began as an entirely different bill , FHBA secured passage of this priority legislation by having it amended onto HB 1021 . The bill , as passed , creates a new section of law , Chapter 718.407 , F . S ., to define “ shared facilities ” for those condominiums located within a portion of a building or within a building with other facilities ( retail , restaurants , hotel , etc .). The bill requires contracts to include a disclosure to the buyer when the condominium is part of a shared facility or multiparcel building and provides that budget and relative financial information must be made available .
Other provisions of the legislation :
· Require documents that state what portions of the building are included within the condominium and what portions of the building are excluded ;
· Specify the party responsible for maintaining and operating shared facilities , including the roof , the exterior of the building , windows , balconies , elevators , the building lobby , corridors , recreational amenities , and utilities ;
· Apportionment for the expenses related to maintenance and operation of shared facilities ;
· Specify the party responsible for collecting the shared expenses from all owners and the rights and remedies for enforcement of payment ;
· Specifies the association of a condominium with shared facilities , maintains the right to inspect and copy the books and records detailing costs for maintenance and operation as well as require they provide annual financial statements , and the budget to a prospective purchaser ;
· Revises escrow requirements for nonresidential condominiums to allow the developer the option of delivering to the escrow agent a surety bond or an irrevocable letter of credit ; and ,
· Revises provisions related to community association managers and condominium associations with respect to official condominium record access , accounting records and record-keeping rules , continuing education requirements and criminal penalties for kickbacks and fraudulent voting .
This bill now awaits signature from the Governor .
2024 FHBA Legislative Summary I 17