718.111(3) (HB 1237): Conflict of Interest
This update applies to Condominium Associations
Florida Law now prohibits a Board Member, manager, or management company from purchasing a unit at a foreclosure sale resulting from the Association’s foreclosure of its lien for unpaid assessments.
Under prior law, Board Members were required to disclose their intent to bid on Association foreclosed property. However, this new statute completely prohibits such purchases and further extends the conflict of interest to management. In addition, law firms are now prohibited from representing both the Association and the management company.
For additional information regarding 718.111(3)
and all other changes to
Florida Legislation, Larsen has you covered!
Our 2017 Legislative Update Booklet has everything you need to know.
Contact us for a free copy!