Bill
Bill > S1706
summary
Introduced
01/05/2024
01/05/2024
In Committee
01/11/2024
01/11/2024
Crossed Over
Passed
Dead
03/08/2024
03/08/2024
Introduced Session
2024 Regular Session
Bill Summary
An act relating to condominiums within a portion of a building or within a multiple parcel building; amending s. 718.103, F.S.; revising the definition of the term “condominium property”; amending s. 718.202, F.S.; authorizing the Director of the Division of Florida Condominiums, Timeshares, and Mobile Homes to accept certain assurances in lieu of a specified percentage of the sale price; authorizing a developer to deliver a surety bond or an irrevocable letter of credit in an amount equivalent to a certain percentage of the sale price; conforming provisions to changes made by the act; making technical changes; creating s. 718.407, F.S.; providing that a condominium may be created within a portion of a building or within a multiple parcel building; providing for the common elements of such condominium; providing requirements for the declaration of condominium and other recorded instruments; authorizing an association to inspect and copy certain books and records and to receive an annual budget; requiring that a specified statement be included in a contract for the sale of a unit of the condominium; requiring a seller of a unit of the condominium to provide a specified disclosure summary to a purchaser; providing that a multiple parcel building is not a subdivision of land if the land is not subdivided; amending ss. 718.503 and 718.504, F.S.; requiring certain persons to provide specified disclosures to purchasers under certain circumstances; making technical changes; providing for retroactive applicability; providing an effective date.
AI Summary
This bill:
- Amends the definition of "condominium property" to clarify that it includes improvements, personal property, and easements and rights appurtenant to the condominium, regardless of whether they are contiguous.
- Authorizes the Director of the Division of Florida Condominiums, Timeshares, and Mobile Homes to accept assurances other than escrow accounts, such as surety bonds or letters of credit, for deposits on non-residential condominium units.
- Creates a new section (718.407) that allows condominiums to be created within a portion of a building or within a multiple parcel building, and specifies requirements for the declaration, common elements, maintenance and operation, and disclosure to purchasers of such condominiums.
- Requires additional disclosures to purchasers when a unit is located in a condominium created within a portion of a building or a multiple parcel building.
- Clarifies that the creation of a multiple parcel building is not a subdivision of the underlying land, provided the land itself is not subdivided.
- Applies the amendments retroactively, but specifies they do not revive or reinstate any rights or interests that have been fully and finally adjudicated as invalid before the effective date.
The bill is intended to provide a legal framework for the creation and operation of condominiums within a portion of a building or a multiple parcel building.
Sponsors (1)
Other Sponsors (1)
Regulated Industries (Senate)
Last Action
Died in Rules (on 03/08/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2024/1706 |
| BillText | https://www.flsenate.gov/Session/Bill/2024/1706/BillText/c1/HTML |
| Analysis - Regulated Industries (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1706/Analyses/2024s01706.ri.PDF |
| https://www.flsenate.gov/Session/Bill/2024/1706/Amendment/697456/HTML | |
| Analysis - Regulated Industries (Pre-Meeting) | https://www.flsenate.gov/Session/Bill/2024/1706/Analyses/2024s01706.pre.ri.PDF |
| BillText | https://www.flsenate.gov/Session/Bill/2024/1706/BillText/Filed/HTML |
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