Many Floridians are aware of legislation passed in the wake of the tragic collapse of Champlain Towers South in Surfside, Florida, requiring most residential condominiums and cooperatives of three (3) or more stories to undertake a Milestone Inspection (once the building(s) reach a certain age, generally 30 years) and conduct a Structural Integrity Reserve Study (“SIRS”) to identify and provide a funding recommendation for structural components in these condominiums and cooperatives. While some exceptions apply, the SIRS must be completed by December 31, 2024, with those condominium and cooperative associations thereafter being obligated to fully fund structural reserves for components the association is responsible for.
As a result of recent legislation, such residential condominium and cooperative associations must do the following within 45 days of receipt of the SIRS:
- Provide a copy of the SIRS to owners or notify owners that a copy of the SIRS is available for inspection and copying upon request; and
- Provide the Division of Condominiums, Timeshares, and Mobile Homes (“Division”) with a statement indicating that the study was completed and that the association provided or made available such study to each owner in accordance with applicable law. The statement must be provided to the Division using a form posted on the Division’s website, which can be found here.
Affected residential condominium and cooperative associations are strongly encouraged to comply with the notification and reporting requirements set forth above in order to avoid costly fines, legal fees, and other damages that may be alleged by an affected party.
McCabe | Ronsman is experienced in representing associations and can provide guidance with this and other related issues. Please contact our office at (904) 396-0090 to set up a consultation if you are seeking new engagement with our Firm. If you are an existing client, please contact your primary association attorney or partners Mike McCabe (mccabe@flcalegal.com) or Ed Ronsman (eronsman@flcalegal.com) with any questions.