Condo FAQ:
Q: Are you aware of the recent changes to FL Condominium Law?
A: On January 1, 2024, a new FL law went into effect requiring condominium associations & cooperatives 3 stories in height or higher to conduct a Milestone Inspection & a Structural Integrity Reserve Study.
Q: What is the Milestone Inspection?
A: It is a physical inspection to determine the building’s structural integrity. These inspections are allowed to be completed every 30 years with an allowance for local enforcement agencies to set a 25-year requirement if justified by local environmental conditions, including proximity to seawater. The inspection must be completed by December 31 of the year in which the building reaches 30 years of age & every 10 years after.
Q:: What is the Structural Integrity Reserve Study?
A: It is a study of reserve funds necessary for future major repairs of the common elements of a condominium or cooperative that are 3 stories or higher. This study must be completed at least every 10 years.
Q:: Do you know the difference between a Warrantable condominium & a non-warrantable one?
A: A warrantable condo has a high percentage of owner occupation & on-time dues. A condo that is non-warrantable has too many investor-based owners, pending litigation or still under construction.
Q: Does a Non-warrantable condo qualify for a residential mortgage loan through Freddie Mac or Fannie Mae?
A: No
Q: Does a Warrantable condo qualify for a residential mortgage loan through Freddie Mac or Fannie Mae?
A: Yes
Q: What is I am not sure if a condo is Warrantable or Non-warrantable?
A: Ask your Realtor®, Renée, If she doesn’t know the answer immediately, she will find it as soon as possible.
Q: If I am interested in purchasing a condo, how do I know what the rules and regulations are for that community?
A: Your Realtor®, Renée will make sure all the necessary & pertinent condo docs & disclosures are given to you in the allotted time frame so you can review them and know what to expect.
