Current as of: Dec. 2011
(1)(a) Disclosure of building condition is required in order that prospective purchasers be informed as to the scope and magnitude of the financial responsibility that condominium ownership entails. Section 718.616, Florida Statutes (Supp. 1980), sets forth the information that shall be disclosed and components for which disclosure of condition is made. Disclosure of condition is required for all property and each of the components listed by the statute to the extent that the improvements include any of the components.
(b) Disclosure of condition is required for all condominium property, in particular condominium property intended for use in connection with the condominium. The disclosure of condition requirement applies to property owned by an association, and applies to property owned by a master property owners’ association when the repair, replacement or maintenance of such property constitutes a common expense or when such property is condominium property.
(2) The disclosure of the age of each component is measured in years from the later of:
(a) The date when the installation or construction of the existing component was completed; or
(b) The date when the component was replaced or substantially renewed.
It is not required that the developer certify that the replacement or renewal at least met the requirements of the then applicable building code.
(3) In a phased condominium conversion, disclosure of replacement cost information shall be stated on the basis of:
(a) All phases previously converted to condominium and all phases being offered in the documents; and
(b) All phases that may ultimately be converted to condominium and all phases that have been converted to condominium.
(4) The disclosure of building condition statement shall include the following information:
(a) The date when the statement was prepared.
(b) The date when the improvements were inspected for the preparation of the statement.
(c) The date when the construction of the improvements was completed, evidenced by a copy of the certificate of occupancy, or equivalent authorization, issued for the improvements. When a building is located in a jurisdiction in which certificates of occupancy or equivalent authorizations are not issued, the date when substantial completion of construction of the improvements in accordance with the plans and specifications shall be stated.
(5) The copy of the disclosure statement filed with the Division shall be certified under seal of a architect or engineer authorized to practice in this State.
Laws implemented by this Rule: Florida Statutes § 718.103, 718.503, 718.501, 718.621
Questions & Answers: Condominiums
| what statutory obligantions does condo association have to owners? i.e.,notifications, annual reports, insurance, etc....|
| what statutory obligations does condo association have to owners..i.e., insurance, annual reports, etc.......|
| I LIVE IN A NYS CONDO. WE HAVE 7 MEMBERS ON THE BOARD. IF ONE RESIGNES AND THE USUAL PROCEDURE IS FOR THE BOARD TO VOTE IN ANOTHER MEMBER, HOW CAN THAT BE ACCOMPLISHED WITH AN EV...|
| I was informed at our annual condominium meeting last night that there is a new law regarding quorum when voting for trustees. In our by-laws 72% of the quorum must be met. We were...|
| Are bylaws required to be updated periodically, or are they set in stone indefinitely?...|
Bylaws should be reviewed regularly by the Board, but there is no legal requirement to do so, or to make updates.
Florida Laws: Condominiums
U.S. Code Provisions: Condominiums