Mortgage Rates: Past, Present, and Possible FutureIf you’re hoping to buy a home this year, you’re probably paying close attention to mortgage rates. Since mortgage rates
Dated: March 8 2023
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Wondering What The New Condo Laws Mean For You?
In addition to the MSI, Milestone Structural Inspection, the new Florida Condo Law also states condominium associations must perform a Structural Integrity Reserve Study (SIRS). This study must consist of a visual inspection of various parts of the condo property by a licensed architect or engineer. This includes the condo's roof, load-bearing walls, foundation, floors, plumbing, fire protection systems and fireproofing, as well as any item with a deferred maintenance or replacement cost that exceeds $10,000. The Structural Integrity Reserve Study is required to be conducted every 10 years after the condo's creation for each building that is 3 stories or higher. If the licensed engineer or architects identifies any recommended repairs on the SIRS report the association's board will have 1 year to begin the recommended repairs. If this study is not done and the directors or officers willfully and knowingly fail to perform the SIRS by the required dates it will be considered a breach in the eyes of the law.
To recap a Structural Integrity Reserve Study please see the following:
Stay tuned for more blog posts briefly explaining the new condo laws. Please reach out to us at NextHome Gulf Coast if you have further questions or would like more information about how this new Florida Senate Bill SB 4-D impacts you.
#floridacondolaws #condolawsinfl #condos #tampabaycondos #NextHomeGulfCoast

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