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Will Aventura’s New Law Help Condominium Owners or Simply Expose them to Liability? (FL)

The City of Aventura’s recently passed an Ordinance, which represents an effort to regulate structural oversight for community associations in the aftermath of the Champlain Towers tragedy in Surfside. The Ordinance requires community associations, including condominium associations and homeowners’ associations, to share all engineering, architectural, and life-safety reports that are conducted on a building with the City, which in turn is supposed to make these reports available for public viewing on a government-run website. The new law imposes this requirement on the “Responsible Person,” which is defined as the President of a community association, a property manager, or a qualified person designated by the President.   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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