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As we approach the New Year, Tampa condo owners and prospective Tampa condo buyers should be aware of some changes. For condo sellers in Tampa, you, or your Realtor, will have to make sure that a new disclosure is provided to your prospective buyers. Starting January 1st of 2009, Florida condo buyers will be entitled to receive a disclosure that specifies the rights of the condo boards, the rights of the individual unit owners, voting rights, and how meeting notices and other matters of governance are handled.
Even here at the end of 2008, condo sellers are required to provide a set of condominium documents to buyers, which I’m sure has all, or most of this info contained therein. But since these things are so damn voluminous, I guess the Florida legislature decided the more summary oriented disclosure will help buyers understand what they’re getting in to. Many condo buyers never bother to read the docs. So if you’re condo seller, make sure you provide the new disclosure to your buyer. If you’re a condo buyer, it would behoove you to know your rights. You will be part of any association of condo owners. Read something.
The Florida legislature also made many changes to the statutes involving condos. Most of these changes became effective October 1st of 2008, but some make changes effective on January 1st of 2009. Many pertain to insurance, and if I’m a condo owner or condo buyer, that’s the part I want to make sure I understand.
If you’re a condo owner, you may also want to check with your insurance provider to make sure you’re adequately covered.
UPDATE 1/11/2009:
According to Scarlet Doherty with The Webb Insurance Group in South Tampa, all condo owners will now be required to carry a policy that covers the interior of their unit. These policies are commonly known as stud-to-stud policies. Condo Associations maintain a master policy that covers the exterior of the building, but not the interior.
The statute pertaining to Florida condo insurance (see paragraph 11)
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Own a Tampa condo? How do you feel about the new required insurance law? Feel free to comment below:
Lenny – great timely information! Happy New Year to you and your family
Thanks Cyndee and same to you.
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