Condo Law Changes Prompt New Forms, Webinar

ORLANDO, Fla. — In response to Gov. Ron DeSantis signing a bill Monday that revamps the state’s condo-safety laws – effective July 1 – Florida Realtors® soon will release new forms and plans a June 30 informative legal webinar on the form changes.

The bill includes changes to section 718.503, Florida Statutes, of the Florida Condominium Act extending the potential purchaser’s period to review association documents to seven days, not including holidays and weekends. Again, the new law takes effect on July 1.

The new forms, available on Form Simplicity on July 1, will address other changes as well:

• Comprehensive Rider to the Florida Realtors®/Florida Bar Contract for Sale and Purchase (CR-7) Updated to comply with the changes to section 718.503, Florida Statutes, of the Florida Condominium Act that goes into effect on July 1, 2025. These revisions extend a potential purchaser’s right to review association documents to seven days, not including holidays and weekends. The updated form will also include revisions recommended by the Florida Realtors-Florida Bar Joint Committee as part of its periodic forms review. Click here to preview changes

• CRSP17x_F Condominium Addendum – CRSP17x_F (Addendum to the Contract for Residential Sale and Purchase (CRSP17)) This addendum includes a notice to the parties and licensees that the seller should be the one to complete this form, as well as updating the time for buyer to review condominium documents, milestone inspections, turnover inspections, and SIRS (Structural Integrity Reserve Study) reports, from three days to seven days. Click here to preview changes.
   
• Cooperative Addendum (COOP-4) This addendum incorporates the milestone inspection, turnover inspection and SIRS report language as well as updating the time for the buyer to review these documents and the cooperative documents from three days to seven days. A notice provision for the parties and licensees has been inserted for the seller to fill out this addendum. Click here to preview changes.

The Florida Realtors’ legal team will host a webinar on Monday, June 30 at 1 p.m. to review updates to the Condominium Rider, addendum A to the Florida Realtors/Florida Bar and ASIS contracts, as well as other changes.

Register for the webinar now.

The forms come in response to updates to Florida condominium and cooperative law, effective July 1, that include extending the deadline for SIRS in some cases to Dec. 31, 2025, and narrowing the application of both the milestone inspection and SIRS studies from three stories or more, to three habitable stories or more. The updates also allow for a temporary pause in reserve funding for two years immediately following a milestone inspection, thus providing a longer timeline for associations that need it. Additionally, the updates give condo associations flexibility on meeting reserve requirements and allow associations to use lines of credit to satisfy reserve obligations if a majority of owners approve.

The new bill also improves street address transparency, an effort directly supported by Florida Realtors.

Under the updated law, condominium associations are required to include approved BOD meeting minutes for the preceding 12 months on their website. This will help prospective purchasers learn of special assessments that have not yet been formally adopted. The bill also extends a buyer’s right to cancel the contract to seven days after receipt of the governing documents. This increased transparency will help reduce post-closing litigation.

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