Florida’s Governor Scott signed into law House Bill 841 yesterday changing the condominium law again. Last year the Florida lawmakers added a new law requiring condominiums with 150 or more units to have a private web portal available and able to deliver a laundry list of Official Records to owners whenever and wherever they required through the portal. All Florida condos, irrespective of size, have been and still are required to maintain a longer list of Official Records and make them available for inspection by owners within a very short period of time. The lawmakers gave a little more time (till January 1, 2019) for compliance with the web portal requirement but also changed the categories of documents that have to now be created, maintained and available for owners through the web portal.
The brand new law also now requires that all condos maintain six (6) categories of Official Records permanently and the rest for at least seven (7) years or as otherwise provided. The law also extends the response time for Official Record inspections from 5 to 10 working days, but that is still a very short period of time if your condo does not have a system in place to maintain those required records and make them available to inquiring owners. Non-compliance comes with significant money penalties that accumulate daily and afford a disgruntled owner the ability to recoup legal fees. The most significant penalty could even be a criminal charge.
Office of the Board’s document management and sharing feature sets up effortlessly for boards that create their own Office of the Board, customized specifically for their entity type and jurisdiction. So, a Florida condo’s document management system sets up specifically for them with folders for the required Official Records available immediately. The condo simply has to load the Official Records into the folders. When an owner demands an inspection of Official Records, Office of the Board includes a simple to use sharing feature that allows timely, easy compliance with the new law.
Office of the Board also comes with a compliant web portal that instantly creates and is easy to use. This year’s law now requires larger condos to create, maintain and make several new documents available to their owners through a web portal. Those condos will now have to maintain a list of “all executory contracts or documents to which the association is a party or under which the association or the unit owners have an obligation or responsibility.” Before the law change, they were required to provide owners with access through the web portal to “any management agreement, lease, or other contract”. Owners can still demand inspection of those documents, but the condo does not have to provide access to them through the web portal. Other new documents that large condos have to worry about is a list of bids received by the association within past year (after bidding is closed) and summaries of bids exceeding $500. The summaries or actual bids have to be available through the web portal for at least a year under the new law.
Office of the Board’s publisher, document management, web portal and other features makes it easy for condos to comply with the law changes. A condo can create a list of executory contracts and documents, or a list of bids with the Office of the Board publisher and update those documents as required, maintain those and other Official Records using Office of the Board document management, and afford owners compliant access to required Official Records through their Office of the Board web portal. All of this happens inside the condo’s Office of the Board in a compliant and easy to use way. Click here to read the new law changes.