A new Florida condominium reform law will take effect on July 1, 2025, aimed at easing the burdens on owners post-Surfside disaster. The law introduces flexibility for condo boards in financial management, allowing delays in setting aside reserve funds and various options for funding maintenance. It incorporates measures for competitive bidding, conflict-of-interest disclosures, and mandates digital access to financial documents. These changes are intended to enhance accountability and ease the financial strain caused by previous safety regulations that led to a significant drop in condo sales and confidence in the market.
Now, city officials and real estate professionals hope the new legislation-set to take effect on July 1, 2025-can ease some of those pressures.
The new law addresses long-standing frustrations over transparency, mismanagement, and fee hikes, while also giving associations more flexibility around compliance.
They can also use other ways to pay for big maintenance projects-not just yearly reserve funds-as long as the condo owners vote on it.
Key updates include competitive bidding for contracts, conflict-of-interest disclosures, and mandatory digital access to financial records and board meetings.
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