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New 2021 Legislation affecting Condominium, Cooperative and Homeowners’ Associations Part II (FL)

This year two bills relevant to Community Associations (Senate Bills 630 and 56) became law effective July 1, 2021. Last month we reviewed the provisions of Senate Bill 630. Today we will look at Senate Bill 56. The review is the order presented in the Bill and not in any order of importance.    Read the entire article………………………………. #floridacondotelmortgage #floridacondotelfinancing #floridacondotel

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The Aging Condo Conundrum: Are Terminations the Answer?

The tragic collapse of the Champlain Tower South Condominium brought a renewed sense of urgency to older condominiums facing a difficult dilemma: spend significantly on restoration, or accept the risks involved with living in an older building.   Read the entire article………………………………. #floridacondotelmortgage #floridacondotelfinancing #floridacondotel

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Fall Guy – Chasing William Friedman, the mystery architect who designed Champlain Towers South

The June 24 collapse of Champlain Towers South in Surfside, Florida, left questions that will take years to answer: What caused the structural failure? What parties bear responsibility? What can be done for the survivors? And perhaps most critically: What other local buildings may also be at risk, requiring measures to prevent similar incidents, from urgent repairs to preventive evacuation and demolition?   Read the entire article………………………………. #floridacondotelmortgage #floridacondotelfinancing #floridacondotel

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Assessing the Condition of Condominium Towers (FL)

The recent tragedy in Surfside, Fla., has significantly impacted our firm and the communities we serve. Our heartfelt thoughts and prayers remain with the victims and families affected by the Champlain Towers South collapse.  In the aftermath of this horrific catastrophe, many condominium association directors, members and managers have raised various questions concerning the safety and stability of their own buildings.    Read the entire article………………………………. #floridacondotelmortgage #floridacondotelfinancing #floridac...

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Condo Buyers Should Investigate What They Don’t Know (FL)

Florida’s legislature mandates non-developer sellers of residential condominiums provide certain condominium records to a prospective buyer if requested by the buyer under a contract to purchase the condominium unit. The buyer has to be under contract to have right to the records. Buyers of residential condominiums from non-developers can terminate the contract up to three days after receiving the mandatory disclosure.   Read the entire article………………………………. #floridacondotelmortgage #floridacondotelfinancing #floridacon...

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The Subtle and Not-So-Subtle Differences Between Homeowners and Condominium Associations

Florida has created an abundance of legislation governing homeowners’ and condominium associations. You would think that, by now, laws affecting both types of communities would have more parity than they actually do. (Please note that that commercial condominiums are not addressed in this article.)  Perhaps the most appreciative difference between a homeowners association and a residential condominium association is that the homeowners association exists in common law, but the condominium only exists because of legislation adopted by the Florida Legislature. That said, homeowners associations...

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Aging Condo Buildings – Repair or Abandon (FL)

Even if expensive, by statute necessary repairs cannot be avoided for aging condominium buildings. Allowing the buildings to deteriorate could constitute a material alteration for which a unit owner could take issue. Termination is a cumbersome process, but should it be considered for aging condo properties? Does repairing the buildings no longer make economic sense? Learn what alternatives associations have when faced with aging buildings…Repair or Abandon?   Read the entire article………………………………. #floridacondotelmortgage...

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The Subtle and Not-So-Subtle Differences Between Homeowners and Condominium Associations (FL)

Florida has created an abundance of legislation governing homeowners’ and condominium associations. You would think that, by now, laws affecting both types of communities would have more parity than they actually do. (Please note that that commercial condominiums are not addressed in this article.)    Read the entire article………………………………. #floridacondotelmortgage #floridacondotelfinancing #floridacondotel

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11th Circuit Affirms Condo Tower Hurricane Damage Award That Disappointed Both Sides (FL)

The 11th Circuit Court of Appeals affirmed a jury verdict that found an insurer liable for $2.6 million in damages to a Miami condominium tower caused by Hurricane Irma, rejecting arguments made in appeals filed by parties on both sides of the dispute.   Read the entire article………………………………. #floridacondotelmortgage #floridacondotelfinancing #floridacondotel

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How to Manage Bullying in your Association

Bullying is defined as a form of aggressive behavior in which someone intentionally and repeatedly causes another person injury or discomfort. Bullying can take the form of physical contact, words, or more subtle actions. In recent months, during the pandemic, you often saw cyber bullying, which can occur over emails, social media and digital platforms and is often used to spread gossip and rumors, which can harm not only employee’s reputations but the reputation of the board or community.    Read the entire article………………………………. ...

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Rates posted assumes 25% down payment, and an ARM rate first mortgage on a Florida condotel, primary residence. Additional required amounts such as taxes, insurance, home owner association dues, assessments, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. **Posted APR is based on Mortgage Assumptions
 
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