The real estate landscape for condo sellers in Florida has changed significantly due to the new state laws requiring Milestone Inspections and Structural Integrity Reserve Studies. If you own a condo in Miami, you should be aware of these updates to ensure a smooth transaction and avoid delays in your sale.
What is the New Law About?
The new law mandates that condo associations complete Milestone Inspections and Structural Integrity Reserve Studies by December 31st. These inspections are designed to assess the current condition of the building, including structural components like roofs, plumbing, and electrical systems. The findings are documented in a report that must be shared with all condo owners and prospective buyers.
How Does This Affect Sellers?
As a seller, you are required to provide this inspection report to any potential buyer before closing. This helps the buyer understand the current state of the building and any potential costs they might incur for repairs or maintenance. While this disclosure is aimed at protecting buyers, it can also impact your sale by influencing the buyer’s decision-making process or their ability to obtain financing.
What Happens if the Inspections Aren’t Done?
If your condo association hasn’t completed these inspections by the deadline, it could delay or complicate the sale. Without these reports, lenders may refuse financing, and buyers may hesitate to move forward. This makes it crucial for sellers to check with their condo association and ensure compliance with the new law.
Key Takeaways for Miami Sellers:
- Review the Inspection Reports: Understand the findings so you can address potential buyer concerns proactively.
- Communicate with Your Association: Ensure that the necessary inspections are completed and that reports are available.
- Consult Your Real Estate Agent: A knowledgeable agent will help you navigate these new requirements and ensure all documentation is in place.
Staying informed about these changes will help you avoid delays and negotiate confidently during your condo sale. If you have any questions about how this new law impacts your property, feel free to reach out!
Are you thinking about selling your Miami condo? Contact me today to discuss how we can ensure a successful transaction under the new guidelines at www.labradarealty.com, via email at albert@labradarealty.com, or by phone at 786-290-3594.