New changes to condo laws in Florida

A 103-page condominium bill was passed on July 1st that created new incentives to a variety of buyers purchasing condominiums in Florida. Bulk buyers of condominium units can purchase condos without incurring the financial and legal responsibilities The new law no longer requires owners to purchase individual unit owner insurance, and eliminated the requirement for condominium buildings over 75 feet high to retrofit sprinkler systems.

The removal of the sprinkler retrofit requirement will save current owners lots of money that would have been paid through reserves or a special assessment, as well as make a building more appealing to investors who may not have invested previously in a building that had not yet been retrofitted. Other laws that also took effect require home inspectors, mold assessors, and mold remediators to be licensed by the state and will be enforced as of July 1, 2011.