Paul Rush and Claudette Fornuto discuss Florida’s updated estoppel certificates law in Common Ground Magazine
In the “Ask the Experts” section of the September/October 2017 issue of Common Ground Magazine, the flagship publication of the national Community Associations Institute, Paul Rush and Claudette Fornuto provide clarity on Florida’s updated laws around estoppel certificate fees as of July 1 under Senate Bill 398. The new rule states that the maximum estoppel certificate fee that can be charged is $250, and an additional $150 can be charged if the owner is delinquent paying assessments. Moving forward, these fee caps will be reevaluated by the Department of Business and Professional Regulation every five years based on increases in the consumer price index.
The new rule also mandates that if the estoppel certificate is not delivered within 10 business days after receipt of the written request, the association is not allowed to charge a fee. Additionally, if the transaction does not close, then the owner of the estoppel certificate is entitled to a refund within 30 days of the written request. For the full article, please click here.