Courtesy of Brian Gaiefsky, Keller Williams A Team Florida

The new laws and statutes regarding safety inspections and Reserve Studies not only affect our condominium finances and the membership as a whole, but also impacts what we are now required to provide buyers when they make an offer on one of our units.

In the past, not only was a signed offer along with proof of funds and/or finance worthiness and other addendums required (Condo Rider, Lead Based Paint (for buildings built prior to 1978), Housing for Older Persons Rider (for over-55 buildings), but we also had to give the buyer the building budget, most recent financials, Condo Governance Form, and the application for approval within 3 days. Now the following must also be provided to a potential buyer within 3 days once the contract has been executed:

MILESTONE INSPECTION REPORT SUMMARY: Pursuant to Section 718.503(2)(a),5, F.S., Buyer who has entered into this Contract is entitled, at Seller’s expense, to receive from Seller, before the sale of the Property, a copy of the inspector-prepared summary of the milestone inspection report, as describe in Sections 553.899 and 718.301(4)(p), Florida Statutes, if (1) applicable and (2) the summary has been submitted to the Association. (“milestone inspection report” refers to the mandated 40-year, 50-year etc. safety inspection reports)

STRUCTURAL INTEGRITY RESERVE STUDY:
Pursuant to Section 718.503(2)(a)6, F.S., Buyer who has entered into this Contract is entitled, at Seller’s expense, to receive from Seller, before the sale of the Property, a copy of the Association’s most recent structural integrity reserve study or a statement that the Association has not completed a structural integrity reserve study.

Every building should have a complete set of their condo docs including all amendments, application, and building budget available as an email attachment to provide to Realtors OR accessible on their website. The days of hard copies are over.