For buildings built after 1992, this is due by December 31 of the 30th year after completion of the building, 25 years for buildings within 3 miles of a coastline.
For pre-1992 buildings, the milestone inspection must be completed by December 31, 2024. This is the majority of condo buildings in Florida.
The structural integrity reserve study must be completed no later than 10 years after completion of the building.
Associations in existence on or before July 1, 2022, and which are under unit owner control, have until December 31, 2024 to complete a structural integrity reserve study.
There are 10 items required to be reviewed in the new structural integrity reserve study are now mandatory statutory reserves which cannot be waived or reduced. This structural integrity reserve study must be completed by December 31, 2024.
The law prohibiting the waiver/reduction of reserves applies as of December 31, 2024.
If you currently own a condo, or plan to purchase one prior to December 31, 2024, you should be very aware of any increases, or lack of increases, in Condo Fees. Some condos may have raised their fees already, some may have had reserves so their fees aren't changing much more than the norm. Meeting Minutes will be very important to you; if you cannot attend your Board Meetings, be sure to read the meeting minutes. Any upcoming votes on fee increases or changes to the budget will help you to assess what's coming down the pike.
At the end of the day, fee increases always hurt, and these will likely be substantial. Your condo will be more stable financially and structurally as a result, so that's a good thing! However, if you have questions about the effect this will have on the value of your home, or if you need to sell, please reach out to us at (727) 340-8789 or use the button below.
Effective May 2022, Florida law SB4-D requires that all condominium and cooperative buildings in Florida that are 3 stories or more in height (a “Building”) and 30 years of age (25 years of age if within 3 miles of a coastline) undergo milestone inspections of the Building’s structural integrity by an architect or engineer (which must be repeated every 10 years), and structural integrity reserve studies every 10 years (regardless of the Building’s age), which includes a study of the reserve funds required for future major repairs and replacement of the common elements. The cost of the inspections and studies, increases in reserves, as well as any mandatory or voluntary work performed or to be performed, could result in special assessments and/or higher recurring maintenance fees or expenses for each unit owner. If this is important to you, you should personally contact the association for additional information or documentation(including a copy of the milestone inspection summary, if available). This disclosure is not intended as legal advice or a complete description of any of the applicable laws.
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