SB344: Bill Text

SB344,5,1 5. Utility and water and sewer specifications.

SB344,5,2 6. Completion schedule.

SB344,5,3 7. Fair market value guarantees.

SB344,5,4 8. Subject to s. 703.145 (2), form and amount of any security required.

SB344,5,5 9. Remedies in the event of default.

SB344,5,6 (b) The agreement shall include provisions that do all of the following:

SB344,5,8 1. Authorize the municipality to inspect the condominium property during the construction process.

SB344,5,10 2. Authorize the condominium association that is established under s. 703.15 to enforce the agreement.

SB344,5,12 (c) The declarant shall provide a copy of the signed agreement under this section to the condominium association when it is established under s. 703.15.

SB344,5,15 (3) Notwithstanding any other remedies provided for in the agreement, the condominium association established under s. 703.15 has standing to enforce the agreement.

SB344, s. 7 Section 7. 703.145 of the statutes is created to read:

SB344,5,18 703.145 Declarant warranties; security. (1) (a) Except as provided in par. (d), the declarant shall furnish both of the following:

SB344,5,23 1. A minimum of a 3-year warranty covering the full cost of labor and materials for the repair or replacement of roof and structural components, and mechanical, electrical, plumbing, and common service elements serving the condominium property or additional property as a whole, that is occasioned or necessitated by a defect in materials or workmanship.

SB344,6,3 2. A 3-year warranty covering the full cost of labor and materials for the repair or replacement of structural, mechanical, and other elements pertaining to each unit that is occasioned or necessitated by a defect in materials or workmanship.

SB344,6,4 (b) The warranty under par. (a) 1. shall commence as follows:

SB344,6,8 1. For a condominium development other than an expandable condominium development, on the date on which the deed or other evidence of ownership is filed for record following the sale of the first condominium ownership interest in the development to a purchaser in good faith for value.

SB344,6,12 2. a. For an expandable condominium development, for property included in the original declaration, on the date on which the deed or other evidence of ownership is filed for record following the sale of the first condominium ownership interest in the property to a purchaser in good faith for value.

SB344,6,16 b. For an expandable condominium development, for any additional property added by amendment to the declaration, on the date on which the deed or other evidence of ownership is filed for record following the sale of the first condominium ownership interest in the additional property to a purchaser in good faith for value.

SB344,6,20 (c) The warranty under par. (a) 2. for each unit shall commence on the date on which the deed or other evidence of ownership is filed for record following the declarant's sale and conveyance of the condominium ownership interest in the unit to a purchaser in good faith for value.

SB344,7,2 (d) The valid assignment by the declarant of the express and implied warranty of the manufacturer satisfies the declarant's obligation under this section with respect to ranges, refrigerators, washing machines, clothes dryers, hot water heaters, and other similar appliances installed and furnished as part of the unit by the declarant. The declarant's warranty under par. (a) is limited to the installation of the appliances.

SB344,7,6 (e) All warranties made to the declarant that exceed time periods specified in par. (a) with respect to any part of a unit shall be assigned to the purchaser of that unit, and warranties with respect to any part of the common elements shall be assigned to the association.

SB344,7,13 (2) Before the declarant's first conveyance of a residential unit to a purchaser, the declarant shall post a bond or letter of credit with each municipality with which the declarant has entered into an agreement under s. 703.117 in the amount of 10 percent of the estimated construction or conversion costs of the condominium development. The bond or letter of credit shall be in favor of the municipality for the benefit of the association and any unit owner damaged by a defect in materials or workmanship.

SB344, s. 8 Section 8. 703.15 (2) (c) 1. a. of the statutes is repealed.

SB344, s. 9 Section 9. 703.15 (2) (c) 1. b. of the statutes is amended to read:

SB344,7,16 703.15 (2) (c) 1. b. Three years in the case of any other condominium.

SB344, s. 10 Section 10. 703.15 (3m) of the statutes is created to read:

SB344,7,22 703.15 (3m) Manager qualifications and requirements. If the bylaws provide that the board may engage the services of a manager, any manager hired by the board must be certified by the Certified Manager of Community Associations certification program and shall be required to post a surety bond or provide other security specified by the board in the amount required by the board.

SB344, s. 11 Section 11. 703.20 (3) of the statutes is amended to read:

SB344,8,9 703.20 (3) Declarant responsibilities Responsibilities for records. During the period of declarant control under s. 703.15 (2) (c), the declarant is responsible for creating and maintaining the financial and operational records of the association and shall turn the records over to the directors elected under s. 703.15 (2) (f). During Annually during the period of declarant control under s. 703.15 (2) (c) and for one each year thereafter, upon written request to the association by the lesser of 3 unit owners or the owners of 10% of the units, not including units owned by the declarant, the association shall arrange for an independent audit of its financial records by a certified public accountant at the association's expense. The cost of any additional audit requested within 36 months after the completion of a previous audit by one or more unit owners shall be paid for by the requesting unit owner or owners.

SB344, s. 12 Section 12. 703.26 (2) (d) of the statutes is amended to read:

SB344,8,13 703.26 (2) (d) In a declaration establishing a condominium, a right to expand the condominium may be reserved in the declaration for a period not exceeding 10 3 years from the date of recording of the declaration.

SB344, s. 13 Section 13. Initial applicability.

SB344,8,18 (1) The treatment of sections 703.07 (1), 703.115 (title), (1) (intro.), (a), (b), and (c), (2), and (3), 703.117, 703.145, 703.15 (2) (c) 1. a. and b., and 703.26 (2) (d) of the statutes first applies to condominiums for which condominium instruments are first recorded on the effective date of the subsection.

SB344, s. 14 Section 14. Effective date.

SB344,8,21 (1) This act takes effect on the first day of the 7th month beginning after publication.

SB344,8,22 (End)