A crucial section of the Florida Condominium Act, which directly and significantly affects the assessment revenue and yearly budget for all associations, is Section 718.116(1)(b), Florida Statutes. That section has become known as the first mortgagee’s “safe harbor protection” because it limits the financial liability of a first mortgagee, or its successor or assignees, for prior unpaid assessments when that first mortgagee takes title to a property via foreclosure of its underlying mortgage. Read more………
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