HB 483/SB 398, which caps estoppel certificate fees, was just passed by the Florida Legislature! As many of you know, this is a long-standing issue that those in the real estate industry have been working on for several years, and its passage represents a big win for homeowners and Realtors across the state.
This bill caps the fees that community association management companies can charge for estoppel certificates at $250 for unit owners who are current in their assessments. An additional $100 can be charged for “expedited” estoppel certificates (delivered within three business days), and another $150 can be charged for owners who are delinquent in their assessments. Once signed into law by Governor Scott, these statutory caps will go a long way to curb the extraordinary charges that property owners have been forced to pay throughout Florida.
The bill also requires certificates to be valid for 30 days and provides for a standard estoppel certificate form to ensure the same information is provided to owners across Florida.
Thank you Debra Spadafora for sharing this breaking news from Carrie O’Rourke, Vice President of Public Policy | FloridaRealtors®.
An estoppel letter or certificate is a legal document used in a transfer or conveyance of real property prior to the Closing transaction. The document is provided by the seller’s Homeowner or Condominium Association, outlining the current owner’s financial standing which includes past due balances and fees and future special assessments due.
I’m an estate specialist in The Village of Pinecrest, Coral Gables and Coconut Grove and your best source of information on Miami Real Estate. Call, text or email me if you would like to discuss buying or selling your home. I’d love to help. 305-898-1852 Wellins.D@ewm.com