Florida Wants Property Managers To Disclose ‘Conflicts Of Interest’ To Condo Association Boards

In the aftermath of the Surfside condo collapse, the Florida Legislature has made a number of changes to the state’s condo law in 2024. This is one of the changes.

The Champlain Towers South condo collapse in the barrier island town of Surfside on June 24, 2021 was an inflection point for Florida’s real estate market.

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Property managers and their respective management companies are now required to disclose “conflicts of interest” at the condo projects they oversee in Florida.

Failing to do so could lead property managers and/or their management companies to face a variety of penalties, including formal reprimands, suspension or revocation of their licenses and fines up to $5,000 per incident.

As part of the new Florida legislation, condo associations can now “cancel” management contracts without facing “termination fees, liquidated damages, or other form of penalty for such cancellation.”

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The dollar-amount threshold for the “conflicts of interest” to apply is less than $3,000.

This information is believed to be accurate and complete but cannot be guaranteed or warranted.

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