Florida Statutes 718.616 – Disclosure of condition of building and estimated replacement costs and notification of municipalities
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(1) Each developer of a residential condominium created by converting existing, previously occupied improvements to such form of ownership shall prepare a report that discloses the condition of the improvements and the condition of certain components and their current estimated replacement costs as of the date of the report.
(2) The following information shall be stated concerning the improvements:
(a) The date and type of construction.
Terms Used In Florida Statutes 718.616
- Association: means , in addition to any entity responsible for the operation of common elements owned in undivided shares by unit owners, any entity which operates or maintains other real property in which unit owners have use rights, where membership in the entity is composed exclusively of unit owners or their elected or appointed representatives and is a required condition of unit ownership. See Florida Statutes 718.103
- Common expenses: means all expenses properly incurred by the association in the performance of its duties, including expenses specified in…. See Florida Statutes 718.103
- Condominium: means that form of ownership of real property created pursuant to this chapter, which is comprised entirely of units that may be owned by one or more persons, and in which there is, appurtenant to each unit, an undivided share in common elements. See Florida Statutes 718.103
- declaration of condominium: means the instrument or instruments by which a condominium is created, as they are from time to time amended. See Florida Statutes 718.103
- Developer: means a person who creates a condominium or offers condominium parcels for sale or lease in the ordinary course of business, but does not include:(a) An owner or lessee of a condominium or cooperative unit who has acquired the unit for his or her own occupancy;(b) A cooperative association that creates a condominium by conversion of an existing residential cooperative after control of the association has been transferred to the unit owners if, following the conversion, the unit owners are the same persons who were unit owners of the cooperative and no units are offered for sale or lease to the public as part of the plan of conversion;(c) A bulk assignee or bulk buyer as defined in…. See Florida Statutes 718.103
- Residential condominium: means a condominium consisting of two or more units, any of which are intended for use as a private temporary or permanent residence, except that a condominium is not a residential condominium if the use for which the units are intended is primarily commercial or industrial and not more than three units are intended to be used for private residence, and are intended to be used as housing for maintenance, managerial, janitorial, or other operational staff of the condominium. See Florida Statutes 718.103
- Unit: means a part of the condominium property which is subject to exclusive ownership. See Florida Statutes 718.103
(b) The prior use.(c) Whether there is termite damage or infestation and whether the termite damage or infestation, if any, has been properly treated. The statement shall be substantiated by including, as an exhibit, an inspection report by a certified pest control operator.
(3)(a) Disclosure of condition shall be made for each of the following components that the existing improvements may include:
1. Roof.
2. Structure.
3. Fire protection systems.
4. Elevators.
5. Heating and cooling systems.
6. Plumbing.
7. Electrical systems.
8. Swimming pool.
9. Seawalls, pilings, and docks.
10. Pavement and concrete, including roadways, walkways, and parking areas.
11. Drainage systems.
12. Irrigation systems.
(b) For each component, the following information shall be disclosed and substantiated by attaching a copy of a certificate under seal of an architect or engineer authorized to practice in this state:
1. The age of the component as of the date of the report.
2. The estimated remaining useful life of the component as of the date of the report.
3. The estimated current replacement cost of the component as of the date of the report, expressed:
a. As a total amount; and
b. As a per-unit amount, based upon each unit‘s proportional share of the common expenses.
4. The structural and functional soundness of the component.
(c) Each unit owner and the association are third-party beneficiaries of the report.
(d) A supplemental report shall be prepared for any structure or component that is renovated or repaired after completion of the original report and prior to the recording of the declaration of condominium. If the declaration is not recorded within 1 year after the date of the original report, the developer shall update the report annually prior to recording the declaration of condominium.
(e) The report may not contain representations on behalf of the development concerning future improvements or repairs and must be limited to the current condition of the improvements.
(4) If the proposed condominium is situated within a municipality, the disclosure shall include a letter from the municipality acknowledging that the municipality has been notified of the proposed creation of a residential condominium by conversion of existing, previously occupied improvements and, in any county, as defined in s. 125.011(1), acknowledging compliance with applicable zoning requirements as determined by the municipality.