What does the new HOA Estoppel Law Say?

Florida House Bill 483 passed and goes in to effect Saturday. This bill is a win for the real estate consumer in that it makes the delivery of estoppel certificates a more uniform practice.

The highlights you should  know are as follows:

1. It caps fees that can be charged for the preparation and delivery of an estoppel:
a) $250 for unit owners who are current
b) Additional $100 for "expedited" estoppel requests
c) Additional $150 can be charged for owners who are delinquent

2. Requires that the estoppel require certain information

3. Estoppel certificate is to be issued within 10 days of written request of owner or owner representative

4. If the closing does not occur and a proper request is made the fee for the estoppel is to be refunded.

As always, if you're just a glutton for punishment, the full bill as provided by the FLTA can be found by clicking HERE. 

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