Florida Senate Bill 1196, The Distressed Condominium Relief Act, has passed the legislature, has been signed by Governor Crist and becomes effective July 1, 2010.
The new changes will impact Florida Statutes Chapter 718 (Condominiums); Chapter 719 (cooperatives); and Chapter 720 (Homeowners Associations). I concentrated on the condo changes that may impact Ormond By The Sea condos. The most significant change to the condo law involves:
• Information maintained in the official Condo Association records and unit owners access to official records.
• Lenders acquiring title to a condo unit after July 1, 2010 will be liable for 12 months of unpaid assessments.
• Condo Associations may demand rent from tenants whose owners are delinquent.
• Condo Associations may fine individuals for violations the governing documents.
• Condo Associations may suspend a delinquent owner's right to vote and to use common elements after 90 days.
• Condo owners are no longer required to submit evidence of insurance to their association.
• Condo Associations are not authorized to purchase insurance for a unit owner.
• Condo Associations may contract for Bulk internet and phone services without unit owner approval
• Condo Associations may delay or waive the retrofitting for a fire sprinkler system and up-grades to elevator and fire alarm systems that were previously required.
These are the major changes that I noted in a quick review of the law that may impact Ormond Beach and Ormond Buy The Sea condos. Since I am not an attorney please seek counsel if you have any questions about the impact or specifics of the law. The law can be viewed at: http://www.flsenate.gov/session/index.cfm?Mode=Bills&SubMenu=1&BI_Mode=ViewBillInfo&BillNum=1196&Year=2010&Chamber=Senate#BillText
For information about Ormond Beach and Ormond by the Sea Florida homes and condos for sale and for rent call 386-441-8245 or visit the Ocean view Realty Group web site at http://www.ovrealty.com/ where you can also search the Daytona Beach area multiple listing service (MLS) anonymously
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