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Florida Wants Property Managers To Disclose 'Conflicts Of Interest' To Condo Association Boards
Manage episode 430295291 series 3242606
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In the aftermath of the Surfside condo collapse, the Florida Legislature has made a number of changes to the state's condo law in 2024. This is one of the changes.
Property managers and their respective management companies are now required to disclose “conflicts of interest” at the condo projects they oversee in Florida.
Failing to do so could lead property managers and/or their management companies to face a variety of penalties, including formal reprimands, suspension or revocation of their licenses and fines up to $5,000 per incident.
As part of the new Florida legislation, condo associations can now “cancel” management contracts without facing “termination fees, liquidated damages, or other form of penalty for such cancellation.”
The dollar-amount threshold for the “conflicts of interest” to apply is less than $3,000.
Read the report: https://peterzalewski.substack.com/p/florida-wants-property-managers-to
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