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RE: What Buyers and Sellers need to know about the Milestone Inspection Summary Rider in Florida

Florida has recently made significant changes to the Homeowners Association (HOA) regulations, including the Milestone Inspection Summary Rider Provision. The new provision ensures that buyers receive a copy of the inspector-prepared summary of the milestone inspection report from the seller before purchasing a property. This provision is based on Section 718.503(2) (a)5., F.S., and is applicable for a covered association. It is crucial for both buyers and sellers to ensure that the summary is submitted to the association and provided to the buyer before the sale of the property. Hiring a qualified inspector to conduct the milestone inspection is also essential, as the report should be thorough and accurate. The new provision emphasizes the importance of transparency in the home buying process, and is expected to benefit buyers and sellers alike. Buyers can make informed decisions about the property they are purchasing, while sellers can ensure that their property is well-maintained and in good condition. Additionally, this provision may increase the overall value of properties in Florida by promoting well-maintained and up-to-date homes. For buyers and sellers, it is crucial to be aware of the Milestone Inspection Summary Rider Provision and its implications. Buyers should ensure that they receive a copy of the inspector-prepared summary before purchasing a property, while sellers should submit the summary to the association to avoid any potential legal issues. Furthermore, hiring a qualified inspector and ensuring a thorough inspection report can be beneficial for all parties involved. In conclusion, the Milestone Inspection Summary Rider Provision is a significant change to the Florida HOA regulations, and it promotes transparency and well-maintained homes. Buyers and sellers alike should be aware of its implications to make informed decisions about the purchase or sale of properties in Florida. By hiring a qualified inspector and submitting the summary to the association, buyers and sellers can avoid potential legal issues and promote the overall value of properties in the state.

Comments

  1. AnonymousMay 5, 2023 at 5:25 AM

    Great article! Thanks for the information, very helpful! - Kris

    ReplyDelete

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