Fla.'s 'Safe Harbor' Most Litigators Are Not Familiar With
November 15, 2013, 11:29 AM EST
Law360, New York (November 15, 2013, 11:29 AM EST) -- First mortgage lenders acquiring title to collateral consisting of condominium units or homes in a homeowners community are afforded protection against assessment liability under both the Florida Condominium Act (Chapter 718 of Florida Statutes) and the Homeowners' Association Act (Chapter 720 of Florida Statutes).
This protection, in the form of a cap on delinquent assessment liability, is commonly referred to as the "safe harbor." Currently, both statutes limit a first mortgage lender's liability to the lesser of 12 months of unpaid assessments for the period immediately...