FL S1706

Creates Section 718.407, Florida Statutes, allowing a condominium to be created within a portion of a building or within a multiple parcel building, with common elements limited to only those portions of the building submitted to condominium ownership, excluding the units

Requires the declaration of condominium or other recorded instruments to specify which portions of the building are included or excluded, the party responsible for maintaining shared facilities, how maintenance expenses are apportioned among owners, who collects shared expenses, and available enforcement remedies

Mandates that sellers of units in such condominiums provide purchasers with a conspicuous disclosure summary—signed by the purchaser—warning that the association and unit owners may have limited or no control over the maintenance, operation, and costs of non-condominium portions of the building, yet remain responsible for their share of expenses

Allows developers of nonresidential condominiums to substitute a surety bond or irrevocable letter of credit in lieu of holding buyer deposits up to 10% of the sale price in escrow, while residential condominiums retain the existing requirement of division director approval for alternative assurances

Applies certain provisions retroactively as clarifications of existing law, effective July 1, 2024, without reviving any right or interest that was fully and finally adjudicated as invalid before that date