On June 26, 2017, Governor Scott approved House Bill 1237, changing or amending a number of statutes regulating condominium associations.
Continue reading “2017 Legislative Changes to the Florida Condominium Act”
Tag: Condo Association
Two’s Company, but Three’s a Crowd: A Third Party’s Right to Intervene in a Foreclosure Lawsuit
Are subsequent title holders who obtain an interest in real property during the pendency of a foreclosure lawsuit where a lis pendens has been properly recorded (referred to as a “Purchaser Pendente Lite”), entitled to join in the lawsuit to protect that interest? In Bonafide Properties v. Wells Fargo Bank, N.A., 198 So.3d 694 (2d DCA 2016) the Second District Court of Appeal says no and affirms the long standing doctrine of generally barring the intervention of a purchaser pendente lite in a pending lawsuit for foreclosure. Continue reading “Two’s Company, but Three’s a Crowd: A Third Party’s Right to Intervene in a Foreclosure Lawsuit”
When do community associations need to vote to roll over surplus funds to the next fiscal year?
In order to avoid adverse tax consequences, community associations should consider conducting a vote to apply surplus funds in their operating budgets at the end of their fiscal year to the budgets for their next fiscal year.
The two common tax return filing options for associations are form 1120, referred to as the corporate income tax return, and form 1120-H, which is used by associations to take advantage of certain tax benefits that allow associations to exclude certain income (membership dues, fees, or assessments) from their gross, taxable income. Associations should consult with their accountants to determine which type of tax return they will file, as there are different qualifications and benefits for each. Continue reading “When do community associations need to vote to roll over surplus funds to the next fiscal year?”