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P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 34314
Experience:  12+ yrs. of experience including real estate law.
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I live in a Condo whereby we are facing an assessment of $6M

Customer Question

I live in a Condo whereby we are facing an assessment of $6M to replace windows/doors/railings...17 floors/107 units....Each Condo owner will be assessed approx $60K to begin the project.
A Condo owner posed the question of each Condo owner paying $15K per quarter in the coming year rather than the entire requested amount. Board President responded that Florida Condo Law requires that all funding for a particular project be 'in hand' prior to the project start. None of us can seem to clarify this through Section 718 of the Florida statutes.
We have a fully funded reserve account exceeding $1.2M; but through the years, there was no account funding for window/doors railings; thus the assessment. My Condo Assoc. specifically voted some years ago to fully fund reserves...
The Assoc will borrow the $6M from a Bank and the owners are being given the option of paying $60k up front or a small lump sum up from with financing through the Association or obtaining personal financing.... Is a quarterly payment of $15k allowable rather than requiring owners to pay the entire assessment up front ? Thanking you in advance...
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  P. Simmons replied 1 year ago.

Hello! My name is ***** ***** I am a licensed attorney with more than 18 years of experience. I am here to assist you with your questions. Please understand that if I ask you for additional information, you are NOT charged again and our communications are NOT timed. So please see this as a relaxed conversation between friends. I am here to help

Also, if you would like to chat on the phone, let me know and I can make that happen.

I have some thoughts on this and will type them up...a few mins please

Expert:  P. Simmons replied 1 year ago.

Thank you for your patience

There is NOTHING in the FL statutes that prohibit your proposal

You are correct that Chapter 718 of the FL statutes is the law that applies.

The primary section that applies is section 718.113

This section provides, in part,

(1) Maintenance of the common elements is the responsibility of the association. The declaration may provide that certain limited common elements shall be maintained by those entitled to use the limited common elements or that the association shall provide the maintenance, either as a common expense or with the cost shared only by those entitled to use the limited common elements. If the maintenance is to be by the association at the expense of only those entitled to use the limited common elements, the declaration shall describe in detail the method of apportioning such costs among those entitled to use the limited common elements, and the association may use the provisions of s. 718.116 to enforce payment of the shares of such costs by the unit owners entitled to use the limited common elements.

Then, if you turn to section 718.116, you do not see anything that would prohibit your proposal (payment over a period of time)

No idea why the president would say the statute requires "in hand"..that is not the case.

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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