Newly enacted legislation in Florida dictates that buyers of condominiums and cooperatives are entitled to Milestone Inspection and Structural Integrity Reserve information. These new requirements apply to condominium or cooperative buildings that are three stories or higher that have been occupied 30 years or more or, if within 3 miles of the coastline, have been occupied 25 years or more. If you are buying or selling units in a condominium or cooperative buildings that meet these criteria, be sure you are in compliance with the new laws. New Condominium Riders and Addenda are available. Speak with your attorney to discuss buying and selling real estate in Florida.
-Emily A. Helmick, Esq.