Gulfshore Property Mgmt

Month: September 2008

  • Affecting Naples & Marco Island Condominiums

    Affecting Naples & Marco Island Condominiums

    Condominium 718.116 amended resolution, Florida Statute

    There had been few attempts of the Florida legislation to clarify additional administrative fees.
    Upon adoption or written management agreement, the Board has the authority to charge a fee for a certificate. This means, if not stated in your community documents, a fee for the preparation of an estoppel certificate may be collected. The legislation does not state the minimum amounts.

    The local standard for prepared board approval forms are $100.00, which includes processing. Question & Answer sheets would be a $25.00 additional charge. Assuming the amended resolution means the estoppel certificate, a reasonable additional charge may range from $25.00 to $35.00. Clarification is scarce in this amendment.

    If the sale fell through, and the payor is NOT a unit owner, within 30 days the payor can request a refund. The seller will be responsible for reimbursements and collected by the Association as an assessment. See Section 718.116: (more…)

  • Changes Not so Notable?

    Condominium, 2008 Florida Statute:

    Now it is mandatory to have an insurance appraisal prepared by an independent appraiser at least once every 36 months. The appraisal must be based upon actual replacement costs. This may be a confirmed law, but has always been a common practice to ensure adequate coverage.

    Another new statute confirms that the board of directors will establish the insurance deductibles base on local standards. Again, this has been common practice. It’s common to have an Insurance Committee recommend deductibles for the Board to consider.

    On or after January 1, 2009, all portions of a condominium property with any alteration or additions must provide primary coverage excluding all personal property. Once again, this is common practice. (more…)