FL H0871

Defines "previous owner" to exclude associations that acquire property through foreclosure or deed in lieu of foreclosure, limiting liability of new owners for unpaid assessments.

Reduces the assessment lookback period for first mortgagees acquiring property through foreclosure from 24 months to 12 months for both condominiums and homeowners' associations.

Reduces the percentage cap on first mortgagee liability for assessments from 2 percent to 1 percent of the original mortgage debt.

Caps first mortgagee attorney fees liability at $4,000 unless a court finds exceptional circumstances justifying a greater award.

Effective date is July 1, 2014.