Reserve Funding Has Changed With The New Condo Bill

Dated: March 15 2023

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What Do The New Condo Laws Mean For You?


Just as we stated in our previous blog posts regarding the new Florida Senate Bill that was passed in May of 2022, the following requirments must be followed starting December 31, 2024.

Condo Associations are prohibited from the following:

  • Using reserves for a purpose other than as intended or reserved
  • Waiving the reserves
  • Reducing the funding of reserves for certain structural parts of the property

Condo associations that have existed on or before July 1, 2022 must provide information to the Division of Florida Condominiums, Timeshares, & Mobile Homes on or before January 1, 2023, stating the number of buildings that are 3 stories or higher, the total number of units in all of the buildings, addresses of all the building within the association, and what counties the buildings are located in. In addition, official records must be kept by the condo association and available to members of all inspection reports and studies considered in Florida Senate Bill SB 4-D. 

NextHome Gulf Coast is here to answer any questions or concerns you may have to our best ability and may suggest you speak with your associations legal counsel, licensed architect and/or engineer regarding the specifics pertaining to your condo association. Do not hesistate to contact us at any time.

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