Friday, January 6, 2023 / by Dave Magua
After the horrific collapse of the Champlain Towers in Surfside, the Governor signed into law that structural inspections are required of most condos over 30 years old, or 25 years old if located within three miles of the coast. Reports of these inspections must be presented to condo owners, condo associations, and local municipalities. If the inspections show major structural problems, local enforcement agencies and condo associations are to determine how to pay for the repairs, ultimately requiring condo owners having to pay. Even if structural repairs are not needed immediately, reserve requirements are an issue for condo owners in these aging condos.
The issue of reserves and assessments are not new. While many associations and condo owners in the past may have known of repairs that are needed, often associations routinely waived assessing reserves because, in especially older condos, either condo owners could not afford or did not vote in favor of paying them.