Required information Statutes also require that the estoppel certificate contain specific information and substantially conform to the form included in Authority to charge fees The authority to charge fees for estoppel certificates must be established by a written resolution adopted by the board or provided by a written management, bookkeeping, or maintenance contract. For a timeshare, an agent designated in writing by the timeshare interest owners, or a managing entity must provide a certificate, signed by an officer or agent of the managing entity. The association waives the right to collect any monies owed, in excess of the amount specified in the estoppel certificate, from any person who in good faith relies on the certificate. The fee is payable upon preparation of the certificate. The DBPR is required to adjust the fee amounts every five years in an amount equal to the total of the annual increases for that five-year period in the Consumer Price Index for All Urban Consumers, U.S. City Average, All Items. Each of the amended statutes include a fee schedule for estoppel certificates issued for multiple units owned by the same member for which there are no outstanding balances. In accordance with Chapter 2017-93, Laws of Florida, the DBPR shall periodically calculate the fees for estoppel certificates, rounded to the nearest dollar, and publish the amounts, as adjusted, on its website. The next update will be released by July 1, 2027. Fee refund If the certificate is requested in conjunction with the sale or mortgage of a unit or parcel and the closing does not occur, the payer, other than a member, may request a refund of the estoppel fee within 30 days from the closing date for which the certificate was sought. The request must be accompanied by reasonable documentation that the sale did not occur. The
the applicable statute. The association, at its option, may include additional information.
Currently, the fees for the preparation and delivery of an estoppel certificate are noted below for condominiums, cooperatives, and homeowners’ associations: Estoppel Certificate Request Authorized Fee Preparation and delivery of an estoppel certificate. Not more than $299
Estoppel certificate requested on an expedited basis and delivered within three business days. If the unit/parcel is delinquent in payments to the association. For multiple units/parcels owned by the same owner that are simultaneously requested from the same association, and there are no past due monetary obligations owed to the association, the total fee the association can charge may not exceed, in the aggregate …
An additional $119
An additional fee not to exceed $179 • 25 or fewer units, $896 • 26-50 units, $1,194 • 51-100 units, $1,791 • > 100 units, $2,295
association must refund the payer the fee within 30 days of receipt of the request. The association has the authority to collect the refunded fee from the member by the same method it would collect an assessment. The right of reimbursement may not be waived by any contract or agreement.
ANNUAL FINANCIAL REPORTS
General information A condominium, cooperative, or HOA must prepare and complete, or contract for the preparation and completion of an annual financial report within 90 days of the end of the fiscal year or annually on a date provided in the bylaws. The report, or a notice that the report is available on request of a member, If the condominium chooses to send a notice, it must state that a copy of the financial report will be mailed or hand delivered to the member, without charge, within five business days after receipt of a written request from the member. If the condominium fails to comply within five business days, the member may provide notice to the DFCTSMH of such failure. If the DFCTSMH determines that the statement from the member is true (that is, the condominium did not send the report), the DFCTSMH shall provide written notice to the condominium that it must mail or hand deliver a copy of the financial report to the member, with a copy to the DFCTSMH, within five business days after it receives the DFCTSMH notice. Special requirements - Association specific Condominiums A condominium that fails to comply with the DFCTSMH notice loses the right to have its members vote to waive the required financial report and instead produce a lower-level report, at a duly called and quorumed meeting. The DFCTSMH is required to maintain the report and to provide a copy to a condominium member upon their request.
must be mailed or delivered to the member within 21 days after the report is completed or received from a contractor (typically a CPA) but not more than 120 days after the end of the fiscal year, calendar year (cooperative only), or other date provided in the bylaws. Condominiums/cooperatives The financial report must include specific reserve disclosures, including a good faith estimate disclosing the annual amount of reserve funds that would be necessary to fully fund each reserve account based on the segregated method. The disclosure is not applicable to reserves funded via the pooling method. Multi-condominiums Financial reports can be presented on a combined basis, provided that the financial report, notes, and supplementary information disclose the revenue, expenses, and changes in the fund balance for each condominium and association. Cooperatives F.S. 719 and administrative rules are silent on the time frames in which the cooperative must provide a copy of the financial report, if it chose to send a letter instead of a copy of the report to its members. We recommend that a cooperative send it within the statutory time frames specified for other association records.
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Book Code: CAMFL1524
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