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Legislature Passes New Estoppel Fee Laws

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  • /Legislature Passes New Estoppel Fee Laws

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.

  • 06 May 2017
  • Condo/HOA
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  • delray beach condominium HOA , fort lauderdale condominium HOA , palm beach condominium HOA
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2
Comments
  1. Grace bisanti
    May 8, 2017 at 10:50 pm

    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 !

    Reply
    • hklegalgroup
      May 9, 2017 at 8:45 pm

      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:

      “If a director or an officer, or a relative of a director or an officer, proposes to engage in an activity that is a conflict of interest, as described in subsection (1), the proposed activity must be listed on, and all contracts and transactional documents related to the proposed activity must be attached to, the meeting agenda. If the board votes against the proposed activity, the director or officer, or the relative of the director or officer, must notify the board in writing of his or her intention not to pursue the proposed activity or to withdraw from office. If the board finds that an officer or a director has violated this subsection, the officer or director shall be deemed removed from office. The vacancy shall be filled according to general law.

      A director or an officer, or a relative of a director or an officer, who is a party to, or has an interest in, an activity that is a possible conflict of interest, as described in subsection (1), may attend the meeting at which the activity is considered by the board and is authorized to make a presentation to the board regarding the activity. After the presentation, the director or officer, or the relative of the director or officer, must leave the meeting during the discussion of, and the vote on, the activity. A director or an officer who is a party to, or has an interest in, the activity must recuse himself or herself from the vote.

      A contract entered into between a director or an officer, or a relative of a director or an officer, and the association, which is not a timeshare condominium association, that has not been properly disclosed as a conflict of interest or potential conflict of interest as required by s. 718.111(12)(g) is voidable and terminates upon the filing of a written notice terminating the contract with the board of directors which contains the consent of at least 20 percent of the voting interests of the association.”

      Reply

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