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Estoppel Reform - What does it mean?

Wed, Jun 21, 2017 at 10:00AM

The Estoppel Certificate is a letter required in each real estate sale involving a condominium or homeowner's association. It provides accurate information regarding assessments and violations that might impact the property. It's also referenced in your Florida Realtors®/Florida BAR Contract and your title company will request it when you are selling your home or condo so the new buyer isn't inheriting any past due payments or assessments that you may have forgotten to pay. The legislature determined that some homeowner's associations were charging exorbitant rates for these letters and passed this bill (HB 843) which provides for a cap on the fees an association may charge and provides for a standardized form of certificate. The bill requires the estoppel certificates to be provided within ten days and be valid for a minimum of 30 days. The fee cap is $250 for owners who are current on their assessments and there is an expedited charge of up to $100 that can be added if a 3-day delivery is requested. Up to $150 can be added if the owner is delinquent on their assessments. 

 

This is a victory for Floridians and for those who represent the real estate industry, including the Florida REALTORS®, Florida Home Builders Association, the Florida Land Title Association and the legislators (especially sponsors Senator Kathleen Passidomo and Representative Byron Donalds) who worked so hard to deliver sound public policy to Floridians. 

 

If you have any questions about Estoppel Reform, please contact Southern Title at 866.297.5535 or email us here.


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