Understanding the Implications of Florida Senate Bill 4-D for Condominium

Florida Senate Bill 4-D has introduced new safety requirements for #condominium and co-op buildings in the state that are three or more stories tall. The bill aims to ensure buildings are safe for continued use and minimize the risk of structural failures by mandating milestone structural inspections and structural integrity reserve studies.

Non-compliance with the bill could result in legal and financial liabilities for building owners and associations. The consequences could include fines, lawsuits, and penalties for failing to conduct the required inspections or fund reserves appropriately. In addition, building owners and associations could face increased insurance premiums or even difficulty obtaining coverage if they cannot provide proof of compliance with the bill. It is important for building owners and associations to take the necessary steps to comply with the bill to avoid these potential consequences.

The bill requires milestone structural inspections to assess condominium and co-op buildings' structural integrity and safety. The intervals for these inspections vary depending on the building's age and its distance from the coastline.

For buildings located 3 miles or less from the coastline:

- inspections are required every 10 years for buildings 25 years or older and every 25th year for buildings under 25 years old.

For buildings located more than 3 miles from the coastline:

-  inspections are required every 10 years for buildings 30 years or older and every 30th year for buildings under 30 years old.

The inspections must be performed by licensed engineers or architects.

If substantial structural deterioration is found during a milestone inspection, a Phase 2 inspection may be required. The bill does not provide details on what a Phase 2 inspection entails or what types of repairs may be required. However, building owners and associations should plan for potential costs associated with these inspections.

Associations must conduct reserve studies every 10 years and fully fund reserves based on the study estimations. Buyers have the right to inspect reserve studies, and sellers must disclose information about repairs, inspections, and assessments. Owners are required to provide prospective buyers with a summary of the Milestone Inspection Report and the most recent Structural Integrity Reserve Study or a statement disclosing the absence of such a study.

Another implication of the bill is the potential impact on insurance premiums for condominiums and co-op buildings. Insurers may require proof of compliance with the bill before issuing coverage or may adjust premiums based on a building's compliance status.

It is important for building owners and associations to work with qualified and reputable contractors when conducting the required inspections and reserve studies. The bill does not specify what qualifications contractors should have, but building owners and associations should conduct due diligence to ensure they are working with professionals who have the necessary expertise and experience.

In conclusion, Florida Senate Bill 4-D introduces significant safety requirements for condominium and co-op buildings in the state. Building owners and associations must comply with the bill's requirements to avoid legal and financial liabilities. They should also plan for potential costs associated with milestone inspections and Phase 2 inspections, work with qualified contractors, and be aware of the potential impact on insurance premiums.

Disclaimer: The information presented in this article is provided for educational and informational purposes only and should not be construed as legal advice. This article does not create an attorney-client relationship and should not be relied upon as a substitute for legal advice from a licensed attorney. The content of this article may be subject to change and may not be up-to-date at the time of reading. Therefore, readers should consult with a licensed attorney for any legal advice or questions regarding the content of this article or any legal matter. The author and publisher make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the article or the information, products, services, or related graphics contained in the article for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will the author or publisher be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this article.

#realestate #miamirealestate #miami #ffl, #florida #bill4d #condos #assesments #coldwellbanker #realtor #economy Coldwell Banker Realty Coldwell Banker Coldwell Banker Luxus Frank Gabriel Kasia Demare