Thanks to a lot of hard work from the Real Estate community, including our own Russell Grooms, reform on the estoppel letter front was just signed in to effect by Governor Scott on June 14th.
The law goes into effect on July 1st.
As everyone is aware, the estoppel certificate or letter is required in each closing involving a condominium or homeowner’s association so that the buyer and seller receive accurate information regarding assessments and violations. The law provides for a cap in the fees an association may charge for the estoppel certificate as well as a standardized form of certificate. The bill requires the estoppel certificates to be provided within 10 days and be valid for a minimum of 30 days. The fee cap is $250 for owners who are current on their assessments. An expedited charge of up to $100 can be added on if the estoppel request asks for delivery within 3 days. An added charge of up to $150 can be charged if the owner is delinquent on assessments.
This is a solid improvement over the existing system and cost structure.
You can get a PDF of this Title Tip here.
My Agent Greg 