How to make sure your association is in compliance
Senate Bill 4-D and SB154 in Florida passed last year and many aspects of this wide-reaching legislation are positive steps forward for associations in the state of Florida, mandating “milestone” building inspections, Reserve Studies, and funding of Reserves on an ongoing basis. This new law produces an entirely new product called a “Structural Integrity Reserve Study”. This new product, requiring a site inspection by an engineer or architect, a PRA, or a RS designated individual, (and expanding the scope of what would need to be included in the analysis), significantly increased the importance of the Reserve Study. Also, this legislation puts new requirements on condominiums for funding, maintaining, and distributing reserve monies.
Who MUST complete a Structural Integrity Reserve Study:
"Must be completed for buildings three (3) stories or higher in height every ten years and completed by December 31, 2024, for associations existing on or before July 1, 2022, which unit owners control."
So basically every association unless they are 1 or 2 stories tall or are newly formed since July 1, 2022.
The requirement to have such a Structural Integrity Reserve Study performed by 12/31/24 will take on new steps and procedures for accomplishing this task and ultimately producing these reports for current and prospective Expert Reserve Services clients. Structural Integrity Reserve Studies are not dependent upon milestones as they are two separate reports.
Expert Reserve Services has formulated an easy to use information packet for associations in order to assist them with the navigation of this process. From contracting our company to the final report, we will stand by you in this time of new State Statutes. Our packet outlines which associations are required to have an SIRS, and walks them through the steps. We also include what items must be within the report to satisfy the new legal requirement in a convenient checklist. Contact us now and get your appointment scheduled before time runs out.
As circumstances evolve, so will our company, so that we can continue to be Florida’s leading provider of the most accurate, easy to understand Reserve Studies available, making the present less stressful and the future more secure for our clients. Please contact us for more information on this or any other questions you may have.
