Florida’s 2024 legislative session ended on March 8, 2024, and there are a number of bills that are starting to go into effect that will impact the real estate industry. Below is a summary of some of the most relevant bills that may impact your business!
HB 1021 – Community Associations:
This bill includes changes to how condominium associations operate in an effort to address transparency, recordkeeping, management, and corruption. One significant change that will impact transparency requires that any condominium with 25 or more units post certain notices and records on their website or app, starting January 1, 2026. This change will increase access to condominium documents for many condo unit owners!
HB 1049 – Flood Disclosure:
Effective October 1, 2024, this bill requires mandatory flood insurance disclosures by a Seller of residential property to be made at or before the execution of a contract. There will likely be new flood disclosure forms released prior to the effective date of this bill.
HB 7073 – Property Insurance Costs:
This bill provides for a 1.75% deduction on the total premium charge on residential and flood homeowner’s insurance policies. This applies to policies with coverage for a 12-month period and an effective date between October 1, 2024, and September 30, 2025.
HB 621 – Property Rights:
Effective July 1, 2024, this bill created an alternative remedy to remove unauthorized persons from property. This will allow property owners, under certain circumstances, to bypass the eviction process in the case of a person occupying their property without a lease.
Hometown Heroes Program:
$100 million was added to this successful program to continue to provide downpayment and closing cost assistance to qualified buyers!
My Safe Florida Home Program:
$200 million was added to this program, which provides inspections and grants for wind mitigation home projects.
HB 1029 – My Safe Florida Home Condo Pilot Program:
Expands the successful My Safe Florida Home Program to include a pilot program for condominiums within 15 miles of the coast to apply for grants for wind mitigation projects. This program is not for individual unit owners but for the associations. The program was appropriated $30 million, and the application is expected to be available in Fall 2024.
If you have questions about any of this new legislation, don’t hesitate to reach out to your trusted real estate attorney to learn more!
