Ep. 58 - A Condo Conundrum? Unveiling Senate Bill 4D w/ Justin Cerrato
If you are a home buyer, real estate investor, or seller in Florida, you may have missed out on information that could be a massive hit to affordable housing! Here to tell all is Justin Cerrato, an attorney with 12 years of experience in the real estate game. He joins me in breaking down Senate Bill 4D, the “Surfside Bill,” which requires a statewide inspection program for condos and cooperatives three stories and higher. We dive into the potential implications of this bill, including the timeline for completing studies, costs to owners, special assessments, mixed-level complexes, and more. We also explore the statutory definition of a "story" for condominiums and note the need for significant amendments to these definitions. Discover things you didn’t know about homeowners insurance and get critical updates and news you won’t find anywhere else.
Tune in to learn more about this decisive bill and its implications for South Florida buyers!
[00:01 - 06:40] Uncovering Senate Bill 4D: exploring the requirements of a statewide inspection program for condos and cooperatives
[06:41 - 14:28] Unintended consequences of this condo assessment bill: seller obligation, buyers beware
[14:29 - 19:15] Rubber meets the road on special assessment reserve studies for condos
[19:16 - 24:06] Unveiling the conundrum of condo assessments in South Florida
[24:07 - 27:10] Breaking down which markets this will affect and what to do to prepare
Quotes:
“The concept of the condominium was established, really, to provide more affordable home ownership as compared to single-family… Are condos going to become an unaffordable entity?” - Justin Cerrato
"Educate, educate, educate. Perform your diligence—get as much information as you can. Get copies of the board minutes from the last several meetings because that's going to reveal any sort of whispers of assessments.” - Justing Cerrato
"The [Senate Bill 4D] is very vague, in my opinion, so far as some definitions… I suspect that there will be a “glitch bill” just to amend these glitches.” - Justin Cerrato
Resources Mentioned:
Learn more about Justin and how his team can serve you in the home-buying process at https://blueoceantitle.com/.
You can now catch us on Spotify and watch our full video episodes, join in on Q&As, and participate in polls!
Do you want to grow your wealth and leadership? Connect with us on Facebook, Twitter, and Instagram. Be sure to subscribe to us on YouTube to enjoy highlights and full video episodes.
Bank of England is a nationwide lender that takes the time to understand your needs and structure the right mortgage for you and your family. Find your local branch at https://www.boemortgage.com/.
Be sure to Subscribe, Share, and Leave a Review to let us know you want to keep the content coming.
