Florida Condo Law For Reserves
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How to fill out Florida Apartment Rules And Regulations?
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FAQ
As noted above, Condominium Associations managing older condominiums are now legally required to budget for and maintain reserve funds as a long-term planning tool to discharge future expenses. Historically, Associations could elect to reduce or totally waive reserves, and it was legally permissible to do so.
Florida Senate Bill 154 has been signed into law and brings significant changes to Structural Integrity Reserves (SIRS) studies, a crucial element in ensuring the safety and long-term maintenance of condominium buildings across the state.
The Condominium Act (Chapter 718, Florida Statutes) requires a condominium Association to budget separate reserves for any item for which the deferred maintenance or replacement cost exceeds $10,000.00.
Title XL, Chapter 718, Condominium Associations, describes the responsibilities of the Board of Directors to budget for and determine reserve accounts for capital expenditures and deferred maintenance for which the association is responsible.
As noted above, Condominium Associations managing older condominiums are now legally required to budget for and maintain reserve funds as a long-term planning tool to discharge future expenses. Historically, Associations could elect to reduce or totally waive reserves, and it was legally permissible to do so.