If your building is located in Miami-Dade County, Broward County, Palm Beach County or any other county in the state of Florida and has three or more stories, you are required to have a structural integrity reserve study completed. The study must be finished by December 2024. We have been performing the study in Miami, Hollywood, Fort Lauderdale, West Palm Beach and surrounding cities within Miami-Dade County, Broward County, and Palm Beach County Florida.
A Structural Integrity Reserve Study refers to an assessment of an Association’s reserve funds specifically allocated for future significant repairs and replacements of the Common Areas. The study involves a comprehensive visual inspection of the Common Areas conducted by a licensed engineer or architect, and it encompasses various essential components outlined in the recent bill.
According to the new regulations, an Association is obligated to conduct a Structural Integrity Reserve Study once every ten (10) years, with the initial study required to be completed by December 31, 2024. Starting from that date, an Association is prohibited from refusing to allocate adequate funds or underfunding reserves for items that must be included in the Structural Integrity Reserve Study. Moreover, the Association is strictly prohibited from utilizing those specific itemized reserve funds, along with any accumulated interest, for purposes other than their designated uses.
The Structural Integrity Reserve Study serves as an official record that the Association must maintain for a period of fifteen (15) years. A prospective purchaser of a Unit holds the right to review the Association’s most recent Structural Integrity Reserve Study. If the Association has not completed a study, the prospective purchaser is entitled to receive a statement confirming the lack of completion of the study by the Association.
Failure to fulfill the obligation of completing a Structural Integrity Reserve Study constitutes a breach of fiduciary duty for an Officer or Director of the Association.
Governor DeSantis sanctioned Senate Bill 4-D on May 26, 2022. This legislation, passed during a special legislative session, went into effect immediately. The bill is a direct response to the Surfside collapse of the previous year and brings about modifications to Chapters 553, 718, 719, and 720 of the Florida Statutes.
The newly instituted bill outlines the establishment of a statewide structural safety program. It mandates Condominium and Cooperative Associations to carry out a Structural Integrity Reserve study on their properties, thereby ensuring the continued safety and usability of Condominium and Cooperative buildings.