Florida Regulations 61B-24.007: Converter Reserve Accounts; Warranties; Disclosures
Current as of: 2024 | Check for updates
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(1)(a) The funding of roof reserve accounts is based on the square foot surface area of the roof. The term “”roof”” does not include sloped siding that is not a part of a roof structure, does not serve the purpose of a roof and the deterioration of which would not result in damage to the interior of the improvements.
(b) The age of any component or structure, for which the developer is funding a reserve account, shall be measured –
1. Beginning with the later of:
a. The date when the component or structure was replaced or substantially renewed, if the replacement or renewal of the component at least met the requirements of the then applicable building code; or
b. The date when the installation or construction of the existing component or structure was completed; and
2. Ending with the date when the first unit is sold.
(2) When a developer is deemed to have granted to the purchaser of each unit an implied warranty, the term of the warranty is as follows:
(a)1. For a three year period beginning with the date of the notice of intended conversion; or
2. For a three year period beginning with the date of the recording of the declaration of condominium;
whichever period begins last; and continuing thereafter through.
(b) One year after the date when owners other than the developer obtain control of the association. Provided, the term of the warranty shall not exceed more than five years after later of: the date when the notice of conversion was given and the date when the declaration of condominium was recorded.
(3) The developer shall disclose in the documents required to be furnished purchasers the type of post-purchase protection that is to be provided: funded reserve accounts, warranties, or reserve accounts funded with a surety bond.
Specific Authority 718.501(1)(f), 718.621 FS. Law Implemented 718.502(5), 718.503, 718.618 FS. History-New 7-2-81, Formerly 7D-24.07, 7D-24.007, Amended 1-26-97.
1. Beginning with the later of:
a. The date when the component or structure was replaced or substantially renewed, if the replacement or renewal of the component at least met the requirements of the then applicable building code; or
b. The date when the installation or construction of the existing component or structure was completed; and
2. Ending with the date when the first unit is sold.
(2) When a developer is deemed to have granted to the purchaser of each unit an implied warranty, the term of the warranty is as follows:
(a)1. For a three year period beginning with the date of the notice of intended conversion; or
2. For a three year period beginning with the date of the recording of the declaration of condominium;
whichever period begins last; and continuing thereafter through.
(b) One year after the date when owners other than the developer obtain control of the association. Provided, the term of the warranty shall not exceed more than five years after later of: the date when the notice of conversion was given and the date when the declaration of condominium was recorded.
(3) The developer shall disclose in the documents required to be furnished purchasers the type of post-purchase protection that is to be provided: funded reserve accounts, warranties, or reserve accounts funded with a surety bond.
Specific Authority 718.501(1)(f), 718.621 FS. Law Implemented 718.502(5), 718.503, 718.618 FS. History-New 7-2-81, Formerly 7D-24.07, 7D-24.007, Amended 1-26-97.