Florida Bill Helps Condo Associations

Good news Charlie Crist just signed a condominium reform bill(SB 1196) that will help many Florida Condo Associations that have been struggling to stay a float in the wake of numbers of pre-foreclosure owners discontinuing payments on their monthly dues.http://tiny.cc/8142w If they are renting the association now may demand the tenants rental payments go straight to the association to cover the dues owed. Previously the associations had to sue to collect rent (a timely and expensive process). A second change, up until now once the bank foreclosed they were only required to make up past dues up to 6 months or 1% of the loan amount. That has now increased to 12 months or 1%. This will really help so many associations who were having to turn to the paying owners to pick up the deficit of the nonpaying ones. A well funded association will also attract more resales and make it easier for those resale buyers to obtain a new mortgage.