NABOR has a new CONDOMINIUM and COOPERATIVE SAFETY DISCLOSURE form which informs a buyer of Florida’s new statute requiring structural inspections and reserves for all condominiums and cooperatives at least three stories tall.

The structural inspection must be done for all such buildings 30 years or older and, if within three miles of the coast, 25 years or older.

It is likely these inspections and reserve requirements will have a financial impact on owners in the form of assessments to conduct the inspections, fund the non-waivable reserve requirements, and fund any required repairs.

A buyer facing unexpected expenses related to this new statute after taking title to a unit may claim the Realtor(s) concealed and failed to disclose.

Use of the form is a decision for each Realtor and broker as it is not mandated by statute at this time