Several proposed acts working their way through the Florida House and Senate will impact property owners and professionals working in the real estate industry. The measures fight abuse of the legal and insurance system and protect property owners. Here’s a rundown of the most important bills and where they stood one month before the legislature is scheduled to adjourn:
• House Bill 483 and companion Senate Bill 398 would cap the fees charged by community associations for estoppel certificates. Florida law now allows condominium and homeowners associations to charge a “reasonable” fee to prepare an estoppel certificate, which is essentially a payoff letter. Some association management companies have turned this administrative task into a lucrative revenue stream, charging as much as $1,000 for what amounts to 10 to 15 minutes of clerical work.
