Collapse was a “catalyst” for change
In May, Florida lawmakers passed legislation that eliminates the ability of associations to waive reserve requirements, institutes 30-year inspections of condo buildings three stories or taller, or 25 years if within three miles of the coast, and requires associations to conduct reserve studies with structural components. Every decade after the initial inspections, associations will be required to go through another recertification process. The law also opens liability to condo boards and their members if they fail to comply.
“The liability this bill forces on boards of directors and associations will cause more of those self-managed associations to seek out professional firms,” said Doug Weinstein, vice president of operations at AKAM Property Management.
Weinstein called the law a great start that puts “real pressure” on associations to complete repair and restoration projects on time.
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