FL S0736

Shortens the statute of limitations for construction defect actions from 10 years to 4 years, with the time period beginning 45 days after completion of the improvement, except for latent defects which have a 7-year period.

Extends the limitations period to 10 years for latent defects in single-family residences involving fraudulent concealment, and allows actions at any time for non-residential properties with fraudulent concealment (provided claimed within 1 year of discovery).

Requires construction defect claims to include an inspection report verified by a licensed contractor, engineer, or inspector detailing the defect, its location, photographic documentation, inspection methodology, and any property owner maintenance or repairs.

Modifies building code violation claims to only apply to "material violations" that result in physical harm or significant damage (exceeding 25 percent of the building's market value), and eliminates liability when local government approved plans and construction passed required inspections unless the defendant knew of the violation.

Requires claimants accepting settlement offers to enter into repair contracts within 90 days with licensed contractors, mandates direct payment from offerors to contractors, and imposes a duty on claimants receiving compensation to repair defects or face liability to subsequent property purchasers for nondisclosure.