Condo Rules In Miami-Dade
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Florida inium owners are looking at higher costs from condo associations in the new year, a consequence of a safety law passed by state lawmakers in 2022. It requires associations to have sufficient reserves to cover major repairs and to conduct a survey of reserves every decade.
The state law, passed in 2022, requires associations to have sufficient reserves to cover major repairs.
A condo, or inium, is a residential complex with individually owned units. Florida condos perfectly balance renting an apartment or townhouse and owning a home. With a condo, you will still own your unit but will be less involved in home and landscape upkeep than traditional home ownership.
The Florida inium Act serves as a comprehensive legal framework governing inium ownership, management, and operation within the state of Florida.
In Florida, the statute of limitations for breach of contract (such as violating your HOA covenants) is five years. The time period within which the HOA could enforce the covenant has expired, at least as it pertains to those patios that were built more than five years ago.
As a condo owner, you hold exclusive ownership rights to your individual unit, allowing you to occupy, modify, or sell it. These rights extend to the interior space of your unit, subject to the governing documents of the inium association.
The 2022 state condo law, known as SB-4D, and its 2023 follow-up, SB-154, establish three primary requirements: licensed inspections, reporting and disclosures, and reserve funds. Importantly, these laws are not tax legislation that directly increases housing costs on condo owners.
For example, some declarations may impose limits on how much dues can increase each year. That said, there is a stipulation in Florida law that applies to condo associations. Florida Statute 718.112(2)(a) states that if assessments are increased by more than 115%, then a substitute budget can be requested by owners.
But it can be done – here's how: Proposal of amendment. The first step consists of a proposal describing the changes to the law or covenant. Discuss the amendment at a meeting. The board will then discuss the proposed amendment at a board meeting. Votes. Counting the results. Amendment approval. Documenting the amendment.
