Monday, April 3, 2023 / by Dave Magua
"Building Safety Act: How Will it Impact Your Condo or Co-op Association?"
The Building Safety Act for Condominium and Cooperative Associations was signed into law by Florida Governor Ron DeSantis on May 26, 2022. The law brings about several changes to Florida's condominium and cooperative association laws, specifically regarding building inspections and reserves.
For buildings over three stories tall, mandatory inspections begin once the building reaches 30 years of age, and for buildings within three miles of the coastline, mandatory inspections must begin at year 25.
The Building Safety Act also requires mandatory reserve funding for structural integrity components and promotes transparency between the board of directors and association members.
Structural integrity reserve studies, which are a key change brought about by the law, must be conducted every 10 years, and funding for these reserves is mandatory. Developers must now establish reserve accounts, and the law mandates what should be included in the structural integrity reserve studies.
To prepare for the Building Safety Act, associations can be proactive by beginning preparations for the milestone inspection and updating their seller disclosures. Associations should also initiate conversations with their attorneys about how to navigate the Building Safety Act's implementation.
For buildings over three stories tall, mandatory inspections begin once the building reaches 30 years of age, and for buildings within three miles of the coastline, mandatory inspections must begin at year 25.
The Building Safety Act also requires mandatory reserve funding for structural integrity components and promotes transparency between the board of directors and association members.
Structural integrity reserve studies, which are a key change brought about by the law, must be conducted every 10 years, and funding for these reserves is mandatory. Developers must now establish reserve accounts, and the law mandates what should be included in the structural integrity reserve studies.
To prepare for the Building Safety Act, associations can be proactive by beginning preparations for the milestone inspection and updating their seller disclosures. Associations should also initiate conversations with their attorneys about how to navigate the Building Safety Act's implementation.
