An estoppel certificate provides an overview of the assessments and fees that a seller may owe to their HOA/condo association to date and is provided by the association when a property is being sold. Prior to these new laws, Florida law allowed associations to charge a “reasonable” fee to prepare an estoppel certificate; without any guidance as to what was a “reasonable” amount.
HB 483/SB 398 cap the fees that can be charged for estoppel certificates at $250 for unit owners who are current in their assessments. An additional $100 can be charged for “expedited” estoppel certificates (delivered within three business days), and another $150 can be charged for owners who are delinquent in their assessments. This is a maximum of $500 for an expedited, delinquent estoppel certificate.
HB 483/SB 398 also require certificates to be valid for 30 days and provide for a standard estoppel certificate form to ensure the same information is provided to owners across Florida.
This will likely put an end to over-inflated estoppel fees changes by associations and law firms alike.
Grace bisanti
Has the Bill been amended regarding that a Director Cannot receive payments from the Association?
Our President is being paid by the Association as our Property Manager !
hklegalgroup
There is a rebuttable presumption of a conflict of interest if a director/relative enters into a contract for goods and services with the association; OR if a director/relative holds an interest in a business entity that conducts business with the association or proposes to enter into a contract or other transaction with the association. Meaning it is presumed a conflict BUT can be argued that there is no conflict too; it is not 100% removal from the agreement.
I would say yes, under the new law a director cannot be the property manager. The law goes into effect July 1 before it can be enforced though. Currently that arrangement is ok.
The statutory language: