Recent Law Changes in Real Estate
There have been numerous recent law changes and updates affecting the real estate industry. This article summarizes some of the top key changes to help keep you informed*.
Governs residential tenancies.
Preempts the regulation of residential tenancies and the landlord-tenant relationship to the state.
Effective July 1, 2023.
In month-to-month tenancies, must give at least 30 days’ notice prior to termination.
Termination notice period can not be less than 30 days or more than 60 days.
Governs residential loan alternative agreements.
“Residential loan alternative agreement” means:
a signed writing or contract between a person and a seller or an owner of residential real property which: 1) Grants an exclusive right to a person to act as a broker for the disposition of the property; 2) Has an effective duration, inclusive of renewals, of more than 2 years; and 3) Requires the person to pay monetary compensation to the seller or owner.
These agreements cannot 1) authorize a person to place a lien or encumbrance on residential real property, 2) be assigned, or 3) be recorded by the clerk or circuit court.
Effective July 1, 2023.
If listing services don’t begin within 90 days after the agreement is fully executed, the agreement is void.
Governs condominium and cooperative associations.
Clarifies several aspects of the law previously passed here.
Effective June 5, 2023.
Milestone inspections can now be performed by a “team of professionals” working under a licensed architect or engineer.
Initial deadline for buildings reaching 30 years old between July 1, 2022- December 31, 2024, extended to December 31, 2025.
Removed the 25-year inspection deadline for coastal buildings, and authorized local enforcement agencies to impose a 25-year deadline for any applicable building because of local circumstances, such as the proximity to saltwater.
Local enforcement agencies can now extend the milestone inspection deadline for a building that shows good cause.
Structural integrity reserve study now includes a study of the following:
roof, structure (load-bearing walls, and order primary structural systems as defined by Stat. Sec. 627.706), fireproofing and fire protection systems, plumbing, electrical systems, waterproofing and exterior painting, windows and exterior doors, and any other item that has a deferred maintenance expense or replacement cost that exceeds $10,000 and failure to replace or maintain this item affects other structural areas mentioned.
Governs real property fraud
On or before July 1, 2024, each clerk of circuit court must have a free recording notification service, which is open to all who register.
When a document is recorded for a property, a notification must be sent within 24 hours to each subscriber of the service.
Find additional recent legislative updates here.
*Please note that these are overviews of the laws. Parties to real estate transactions and REALTOR ® should consult with an attorney regarding how these laws may impact their legal rights and responsibilities.
This information is provided for educational purposes only and should not be construed as legal advice or representation and should not be relied upon as such. Broward, Palm Beaches & St. Lucie Realtors® and its affiliated companies cannot provide legal advice or opine about the specifics of your situation.