MIAMI — The MIAMI Association of REALTORS (MIAMI) and the South Florida real estate industry scored a major legislative victory this week when Miami-Dade County commissioners passed an ordinance requiring condominium, co-operative, and homeowner associations to file financial and governing documents into a public online library. This database, which will be made available after the submission deadline of February 2023, means buyers will have access to these documents before submitting offers so they can make more informed decisions.
Florida law already requires condo sellers to turn over financial documents and reports on assessments to buyers once a sales contract is signed and the buyer requests the paperwork. But until now, Miami buyers looking for condos had no access to financial and governing documents of condo buildings before making offers.
“MIAMI Realtors has been advocating for this transparency and accountability for South Florida residents for years, and we are thrilled to see Miami-Dade become the first county in the state to pass this type of ordinance,” MIAMI Chairman Fernando Arencibia, Jr. said. “Knowing how many associations there are, whom to contact in emergencies and how to access important association documents helps everyone.”
Miami-Dade Legislation Applies to all Residential Condo, Co-op & Homeowner Associations
Each association would need to register with the county’s Department of Regulatory and Economic Resources and file an annual report with the required documents.
Required information includes:
- Contact information for the association’s property manager, board of directors and emergency contact;
- Documents and amendments (declaration, articles of incorporation, bylaws, rules and regulations);
- Most recent financial statements where current or approved special assessments must be specifically outlined;
- Most recently adopted annual budget.
Forms are due by Feb. 1 each year, meaning associations have until February 2023 to meet the first year’s deadline.
MIAMI Realtors Hopes More Florida Counties Follow Suit
The MIAMI Realtors Public Policy team worked with MIAMI member and Hallandale Beach Commissioner Anabelle Lima-Taub on similar legislation last year.
In 2020, Hallandale Beach became the first Florida city to pass an ordinance requiring that condos file financial reports and governing documents to the local government. Access Hallandale Beach condo database: https://www.hallandalebeachfl.gov/1432/Condominium-Registration
Miami-Dade took Lima-Taub’s model and expanded it to include homeowner associations. Now, MIAMI Realtors would like the ordinance replicated in more Florida counties and even statewide.
About the MIAMI Association of Realtors
The MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 102 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 54,000 primary members and 58,000 total members. It is the largest local Realtor association in the U.S. and has official partnerships with 225 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com