A new Florida building safety law might put some property owners into bankruptcy, according to one expert.
The bill, SB 4-D, requires condominium and cooperative association buildings that are three stories in height or more and located within three miles of a coastline, to have a “milestone inspection” of the building’s structural integrity by an architect or engineer for buildings that are 30 years of age and every 10 years thereafter, or 25 years of age and every 10 years thereafter. It also “increases the rights of unit owners and prospective unit owners to access information regarding the condition of such buildings, and revises the requirements for associations to fund reserves for the continued maintenance and repair of such buildings.”
