Florida's condo market sees big changes with new laws!
After a condo building collapsed in South Florida a few years ago new legislation has been put in place around disclosures condo associations have to provide to potential buyers. The new law requires condominium associations with 25 units or more to provide a secure portal where buyers can view documents that include bank statements, reserve details, and structural reports. Furthermore, the recent Biscayne 21 court ruling granted minority holdouts, which can be as few as 5% to 10% of owners, the ability to block a sale or any proposed major redevelopment. These changes to the condo market in…
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