This month marked the first anniversary of the 13-story, L-shaped Champlain Towers collapse alongside the Surfside coastline. Jim Prichard, Ball Janik LLP’s Managing Partner, wrote an article published on 6/24 for REBusinessOnline detailing the Florida Senate passing Senate Bill 4D, which addresses structural inspection requirements and inspection reserve funds held by condominium and cooperative associations. Jim details some of the intricacies of the bill and how it impacts Florida owners and condo associations.
“Planning for the costs of conducting the inspections and ensuring funds are available for needed repairs are paramount for ownership and associations,” writes Jim. “While we have advised clients about several aspects of condominium maintenance and association practices for years, this new law has established specific legal requirements that require compliance. Failure to comply could bring serious legal and liability problems for an association.”
He continues, “Developers, builders, subcontractors, and other industry participants want to create high-quality projects they can confidently develop and successfully sell, knowing Florida owners will have safe homes to enjoy for generations to come.” He also explains inspections of buildings that must be conducted at specific intervals.
To read the story in full, click here.