Tallahassee, FLA – June 15, 2017 – Florida Land Title Association (FLTA) is pleased to announce the successful passing of its HOA/COA estoppel certificate reform legislation. On Friday April 28th the bill cleared its final legislative hurdle after a three year run through the Capitol halls. Yesterday, June 14th, Governor Scott signed the bill making it law. The law, which goes into effect on July 1st provides for significant reform of an aspect of the real estate closing which has been costly and painful for Floridians and for the title and closing agents.
“This is a victory for Florida’s property owners,” said Karla Staker, President of FLTA. “Our members have been working with the Legislature for three years to ensure that the charges for the estoppel letter were fair and reasonable and that the associations provided the necessary information in a timely manner.”
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.
FLTA would like to thank Bill sponsors, Senator Kathleen Passidomo and Representative Byron Donalds, the broad coalition of Legislators who supported this Bill, Florida Association of Realtors, Florida Home Builders Association, and all of our members who have contributed countless hours of their time in Tallahassee and in their local districts.
Links to the final form of the bill and a sample of what the estoppel certificate form will look like. Estoppel Reform SB398 Estoppel Certificate Language