Realtor-Supported Condo Bill Becomes Law
A condo-related law supported by Florida Realtors takes effect July 1. It improves condo document transparency and extends certain deadlines.
CLEARWATER, Fla. — Gov. Ron DeSantis signed a condominium-related Florida Realtors® 2025 legislative priority into law on Monday.
Register for Condo Disclosure Laws Webinar
Following the signing of a new bill amending section 718.503 of the Florida Condominium Act, Florida Realtors®’ legal team will host a webinar on Monday, June 30 at 1 p.m. to discuss updates to the Condominium Rider, Addendum A to the Florida Realtors/Florida Bar and ASIS contracts, and other changes.
The bill (HB 913) includes document transparency changes championed by Florida Realtors and extends certain inspection deadlines that some said were driving up condominium costs.
During the bill signing press conference on Monday, Gov. DeSantis said the initial laws were “well intentioned” but could negatively impact affordability.
“There were a lot of folks that had a lot of concerns about how some of these assessments were being done, whether people could even afford to even stay in their units,” the governor said.
The previous condominium reforms, passed in 2022 and changed in 2023, included requiring “milestone inspections” of older buildings and “structural integrity reserve studies” to determine how much money should be saved for future major repairs. Milestone inspections were supposed to be completed by the end of 2024 for certain older buildings that are three stories or higher. Some condo associations initiated new assessments to meet approaching deadlines, which raised costs for unit owners.
The new law, which will take effect July 1, includes extending the deadline for structural-integrity studies by one year, and it allows for a temporary pause in reserve funding for two years immediately following a milestone inspection. It also gives condo associations flexibility on meeting reserve requirements and allows associations to use lines of credit or loans to satisfy reserve obligations if a majority of owners approve.
Lastly, the new bill improves street address transparency, an effort directly supported by Florida Realtors.
Under the new law, condominium associations also 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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