On June 14, 2017, Governor Rick Scott signed Senate Bill 398 into law, providing reformation of Florida’s association statutes.
Effective July 1, 2017, Florida Statutes, 718.116, 719.108, and 720.30851 regarding condominium, cooperative, and homeowner associations, will be revised to modify the estoppel requirements pertaining to each statute.
An estoppel certificate is a summary of the amounts due to an association and should accurately reflect all assessments, interest, late fees, and violations related to the subject property. An estoppel is required to close a real estate transaction when a property is located in a homeowner, condominium, or cooperative association. Obtaining an estoppel can often times be a time consuming and expensive task. The new revisions being enacted should assist in lessening this burden.
The attorneys of ALAW remain well attuned to our ever-changing legal landscape and are prepared to provide you with unparalleled representation every step of the way.
For more information on this legal update or any other legislative matters, please contact:
Jaclyn N. Palazzolo