South Florida is a popular destination for many reasons, from vacations to retirement and more. This makes the real estate market highly competitive, particularly regarding condominiums. Recent changes to state law after the Surfside condo collapse have put more pressure on building owners to maintain their structures, but failure to comply with the new regulations could be costly for condo owners and managers. Here’s what to know and how a qualified real estate litigation law firm can assist you.    

Condo Maintenance Past & Present 

It’s not uncommon for condo owners or building managers to defer scheduled maintenance, repairs, and replacements as long as possible to keep their income-to-expense ratio high. However, this comes at a price for tenants or renters, who are often subjected to subpar or even dangerous conditions when owners delay the work to save money. 

Now, under the new law, condo associations in Florida will have to conduct more frequent inspections for older buildings and will be required to set aside a fund to cover upkeep and necessary repairs as they arise. This will hopefully make it easier for condo owners and managers to approve maintenance requests in a timely fashion without too much concern for how the HOA will pay for the repairs.

The Impact of New Regulations On Tenants 

Unfortunately, few HOAs are going to be willing to absorb the cost of increased inspections and most are going to pass the buck onto their tenants. Maintenance fees are liable to go up substantially, especially for older buildings that have gone through a longer period of neglect. 

It’s worthwhile to note that the majority of people living in older Florida condos are elderly, disabled, and/or on a fixed income. They often don’t have the extra funds to support an increase in maintenance fees to cover the cost of more responsible building management. Although the value of a properly maintained structure shouldn’t be underestimated, the new law will undoubtedly put extra pressure on both tenants and managers.

How a Florida Real Estate Lawyer Can Support You

If you’re affected by the new condo law in Florida, a real estate lawyer can represent you in court, negotiate on your behalf, and give you legal advice about your specific situation. They are familiar with the laws and procedures that apply to condominiums and homeowners associations in the state and can help you navigate through these complex legal issues. Contact Feinstein Real Estate Litigation & Business Law for a consultation to learn more at 954-767-9662.