Understanding the Surfside Law: Your Rights and Responsibilities
The Surfside Law, enacted in response to the tragic collapse of the Champlain Towers in Surfside, Florida, has significant implications for condo owners and homeowner’s associations (HOAs) across the state. Understanding this law and its impact on your financial responsibilities as a homeowner is crucial. Let’s break down the key aspects of the Surfside Law in a simple, easy-to-understand manner.
What is the Surfside Law?
The Surfside Law was enacted with the goal of preventing future building collapses like the one in Surfside. This law places new safety requirements and responsibilities on condo associations, including regular building inspections and the need for necessary repairs to be carried out promptly. These new requirements often result in unexpected HOA assessments for homeowners to fund the requisite building improvements.
What Does the Surfside Law Mean for Homeowners?
How We Can Help
Your Rights Under the Surfside Law
Challenges of the Surfside Law
While the Surfside Law undoubtedly improves building safety, it also brings financial challenges for homeowners. Increased frequency of inspections and necessary building repairs often leads to unexpected and potentially large HOA assessments. As a homeowner, it’s important to be prepared for these potential increases in assessments and understand your options for managing them.
Your Responsibilities Under the Surfside Law
With rights come responsibilities. As a homeowner, it’s your responsibility to contribute to the cost of building inspections and necessary repairs through your HOA assessments. If your HOA imposes an assessment to cover these costs, you’re legally obligated to pay your share.
- Navigating the implications of the Surfside Law can be complex, but you don't have to do it alone. Reach out to us today and let's explore how our tailored financial solutions can bring you financial peace and stability.
