CS/CS/CS/HB 203 - Residential Properties (2016)

• Reduces the timeframe for issuing estoppel certificates from 15 days to 10 business days for condominiums, cooperatives, and homeowner associations

• Establishes a standardized estoppel certificate format that must include owner name, unit designation, assessment amounts, delinquent balances, and documented violations

• Sets maximum fees for estoppel certificates at $250 if no delinquent amounts are owed, $200 if delinquent amounts exist, with an additional $100 charge for expedited 3-business-day delivery

• Provides that certificates delivered on the issuance date have a 30-day effective period, or 35 days if delivered by mail, and creates a waiver of association claims against good faith reliers

• Authorizes summary proceedings to compel associations to prepare or deliver estoppel certificates and requires fee authority to be established by written board resolution or management contract; effective July 1, 2016