Florida Senate - 2013                       CS for CS for SB 120
       
       
       
       By the Committees on Rules; and Regulated Industries; and
       Senator Latvala
       
       
       
       595-02835-13                                           2013120c2
    1                        A bill to be entitled                      
    2         An act relating to condominiums; amending s. 718.104,
    3         F.S.; allowing condominium units to come into
    4         existence regardless of requirements or restrictions
    5         in a declaration; amending s. 718.105, F.S.; extending
    6         the amount of time that a clerk may hold a sum of
    7         money before notifying the registered agent of an
    8         association that the sum is still available and the
    9         purpose for which it was deposited; amending s.
   10         718.110, F.S.; changing the requirements relating to
   11         the circumstances under which a declaration of
   12         condominium or other documents are effective to create
   13         a condominium; making technical changes; amending s.
   14         718.111, F.S.; revising the conditions under which
   15         unit owners may vote on issues related to the
   16         preparation of financial reports; making technical
   17         changes; amending s. 718.112, F.S.; revising the
   18         conditions under which a developer may vote to waive
   19         or reduce the funding of reserves; making technical
   20         changes; amending s. 718.114, F.S.; revising the
   21         conditions under which a developer may acquire
   22         leaseholds, memberships, or other possessory or use
   23         interests; making technical changes; amending s.
   24         718.301, F.S.; revising the conditions under which
   25         unit owners other than the developer are entitled to
   26         elect at least a majority of the members of a board of
   27         administration; revising requirements related to the
   28         documents that the developer must deliver to the
   29         association; making technical changes; amending s.
   30         718.403, F.S.; revising the conditions under which a
   31         developer may amend a declaration of condominium
   32         governing a phase condominium; providing for an
   33         extension of the 7-year period for the completion of a
   34         phase; providing requirements for the adoption of an
   35         amendment; providing that an amendment adopted
   36         pursuant to this section is exempt from other
   37         requirements of law; providing an effective date.
   38  
   39  Be It Enacted by the Legislature of the State of Florida:
   40  
   41         Section 1. Subsection (2) of section 718.104, Florida
   42  Statutes, is amended to read:
   43         718.104 Creation of condominiums; contents of declaration.
   44  Every condominium created in this state shall be created
   45  pursuant to this chapter.
   46         (2) A condominium is created by recording a declaration in
   47  the public records of the county where the land is located,
   48  executed and acknowledged with the requirements for a deed. All
   49  persons who have record title to the interest in the land being
   50  submitted to condominium ownership, or their lawfully authorized
   51  agents, must join in the execution of the declaration. Upon the
   52  recording of the declaration, or an amendment adding a phase to
   53  the condominium under s. 718.403(6), all units described in the
   54  declaration or phase amendment as being located in or on the
   55  land then being submitted to condominium ownership shall come
   56  into existence, regardless of the state of completion of planned
   57  improvements in which the units may be located or any other
   58  requirement or description that a declaration may provide. Upon
   59  recording the declaration of condominium pursuant to this
   60  section, the developer shall file the recording information with
   61  the division within 120 calendar days on a form prescribed by
   62  the division.
   63         Section 2. Paragraph (c) of subsection (4) of section
   64  718.105, Florida Statutes, is amended to read:
   65         718.105 Recording of declaration.—
   66         (4)
   67         (c) If the sum of money held by the clerk has not been paid
   68  to the developer or association as provided in paragraph (b)
   69  within 5 3 years after the date the declaration was originally
   70  recorded, the clerk may notify, in writing, the registered agent
   71  of the association that the sum is still available and the
   72  purpose for which it was deposited. If the association does not
   73  record the certificate within 90 days after the clerk has given
   74  the notice, the clerk may disburse the money to the developer.
   75  If the developer cannot be located, the clerk shall disburse the
   76  money to the Division of Florida Condominiums, Timeshares, and
   77  Mobile Homes for deposit in the Division of Florida
   78  Condominiums, Timeshares, and Mobile Homes Trust Fund.
   79         Section 3. Subsection (10) of section 718.110, Florida
   80  Statutes, is amended to read:
   81         718.110 Amendment of declaration; correction of error or
   82  omission in declaration by circuit court.—
   83         (10) If there is an omission or error in a declaration of
   84  condominium, or any other document required to establish the
   85  condominium, and the which omission or error would affect the
   86  valid existence of the condominium, the circuit court may has
   87  jurisdiction to entertain a petition of one or more of the unit
   88  owners in the condominium, or of the association, to correct the
   89  error or omission, and the action may be a class action. The
   90  court may require that one or more methods of correcting the
   91  error or omission be submitted to the unit owners to determine
   92  the most acceptable correction. All unit owners, the
   93  association, and the mortgagees of a first mortgage of record
   94  must be joined as parties to the action. Service of process on
   95  unit owners may be by publication, but the plaintiff must
   96  furnish every unit owner not personally served with process with
   97  a copy of the petition and final decree of the court by
   98  certified mail, return receipt requested, at the unit owner’s
   99  last known residence address. If an action to determine whether
  100  the declaration or another condominium document complies with
  101  the mandatory requirements for the formation of a condominium is
  102  not brought within 3 years of the recording of the certificate
  103  of a surveyor and mapper pursuant to s. 718.104(4)(e) or the
  104  recording of an instrument that transfers title to a unit in the
  105  condominium which is not accompanied by a recorded assignment of
  106  developer rights in favor of the grantee of such unit, whichever
  107  occurs first, recording of the declaration, the declaration and
  108  other documents will effectively shall be effective under this
  109  chapter to create a condominium, as of the date the declaration
  110  was recorded, regardless of whether whether or not the documents
  111  substantially comply with the mandatory requirements of law.
  112  However, both before and after the expiration of this 3-year
  113  period, the circuit court has jurisdiction to entertain a
  114  petition permitted under this subsection for the correction of
  115  the documentation, and other methods of amendment may be
  116  utilized to correct the errors or omissions at any time.
  117         Section 4. Paragraph (d) of subsection (13) of section
  118  718.111, Florida Statutes, is amended to read:
  119         718.111 The association.—
  120         (13) FINANCIAL REPORTING.—Within 90 days after the end of
  121  the fiscal year, or annually on a date provided in the bylaws,
  122  the association shall prepare and complete, or contract for the
  123  preparation and completion of, a financial report for the
  124  preceding fiscal year. Within 21 days after the final financial
  125  report is completed by the association or received from the
  126  third party, but not later than 120 days after the end of the
  127  fiscal year or other date as provided in the bylaws, the
  128  association shall mail to each unit owner at the address last
  129  furnished to the association by the unit owner, or hand deliver
  130  to each unit owner, a copy of the financial report or a notice
  131  that a copy of the financial report will be mailed or hand
  132  delivered to the unit owner, without charge, upon receipt of a
  133  written request from the unit owner. The division shall adopt
  134  rules setting forth uniform accounting principles and standards
  135  to be used by all associations and addressing the financial
  136  reporting requirements for multicondominium associations. The
  137  rules must include, but not be limited to, standards for
  138  presenting a summary of association reserves, including a good
  139  faith estimate disclosing the annual amount of reserve funds
  140  that would be necessary for the association to fully fund
  141  reserves for each reserve item based on the straight-line
  142  accounting method. This disclosure is not applicable to reserves
  143  funded via the pooling method. In adopting such rules, the
  144  division shall consider the number of members and annual
  145  revenues of an association. Financial reports shall be prepared
  146  as follows:
  147         (d) If approved by a majority of the voting interests
  148  present at a properly called meeting of the association, an
  149  association may prepare:
  150         1. A report of cash receipts and expenditures in lieu of a
  151  compiled, reviewed, or audited financial statement;
  152         2. A report of cash receipts and expenditures or a compiled
  153  financial statement in lieu of a reviewed or audited financial
  154  statement; or
  155         3. A report of cash receipts and expenditures, a compiled
  156  financial statement, or a reviewed financial statement in lieu
  157  of an audited financial statement.
  158  
  159  Such meeting and approval must occur before the end of the
  160  fiscal year and is effective only for the fiscal year in which
  161  the vote is taken, except that the approval may also be
  162  effective for the following fiscal year. If With respect to an
  163  association to which the developer has not turned over control
  164  of the association, all unit owners, including the developer,
  165  may vote on issues related to the preparation of the
  166  association’s financial reports for the first 2 fiscal years of
  167  the association’s operation, from beginning with the date of
  168  incorporation of the association through the end of the second
  169  fiscal year after the fiscal year in which the certificate of a
  170  surveyor and mapper is recorded pursuant to s. 718.104(4)(e) or
  171  an instrument that transfers title to a unit in the condominium
  172  which is not accompanied by a recorded assignment of developer
  173  rights in favor of the grantee of such unit is recorded,
  174  whichever occurs first declaration is recorded. Thereafter, all
  175  unit owners except the developer may vote on such issues until
  176  control is turned over to the association by the developer. Any
  177  audit or review prepared under this section shall be paid for by
  178  the developer if done before turnover of control of the
  179  association. An association may not waive the financial
  180  reporting requirements of this section for more than 3
  181  consecutive years.
  182         Section 5. Paragraph (f) of subsection (2) of section
  183  718.112, Florida Statutes, is amended to read:
  184         718.112 Bylaws.—
  185         (2) REQUIRED PROVISIONS.—The bylaws shall provide for the
  186  following and, if they do not do so, shall be deemed to include
  187  the following:
  188         (f) Annual budget.—
  189         1. The proposed annual budget of estimated revenues and
  190  expenses must shall be detailed and must shall show the amounts
  191  budgeted by accounts and expense classifications, including, if
  192  applicable, but not limited to, those expenses listed in s.
  193  718.504(21). A multicondominium association shall adopt a
  194  separate budget of common expenses for each condominium the
  195  association operates and shall adopt a separate budget of common
  196  expenses for the association. In addition, if the association
  197  maintains limited common elements with the cost to be shared
  198  only by those entitled to use the limited common elements as
  199  provided for in s. 718.113(1), the budget or a schedule attached
  200  to it must a schedule attached thereto shall show the amount
  201  budgeted for this maintenance amounts budgeted therefor. If,
  202  after turnover of control of the association to the unit owners,
  203  any of the expenses listed in s. 718.504(21) are not applicable,
  204  they need not be listed.
  205         2. In addition to annual operating expenses, the budget
  206  must shall include reserve accounts for capital expenditures and
  207  deferred maintenance. These accounts must shall include, but are
  208  not limited to, roof replacement, building painting, and
  209  pavement resurfacing, regardless of the amount of deferred
  210  maintenance expense or replacement cost, and for any other item
  211  that has a for which the deferred maintenance expense or
  212  replacement cost that exceeds $10,000. The amount to be reserved
  213  must shall be computed using by means of a formula which is
  214  based upon estimated remaining useful life and estimated
  215  replacement cost or deferred maintenance expense of each reserve
  216  item. The association may adjust replacement reserve assessments
  217  annually to take into account any changes in estimates or
  218  extension of the useful life of a reserve item caused by
  219  deferred maintenance. This subsection does not apply to an
  220  adopted budget in which the members of an association have
  221  determined, by a majority vote at a duly called meeting of the
  222  association, to provide no reserves or less reserves than
  223  required by this subsection. However, prior to turnover of
  224  control of an association by a developer to unit owners other
  225  than a developer pursuant to s. 718.301, the developer may vote
  226  to waive the reserves or reduce the funding of reserves through
  227  the period expiring at the end of the second fiscal year after
  228  the fiscal year in which the certificate of a surveyor and
  229  mapper is recorded pursuant to s. 718.104(4)(e) or an instrument
  230  that transfers title to a unit in the condominium which is not
  231  accompanied by a recorded assignment of developer rights in
  232  favor of the grantee of such unit is recorded, whichever occurs
  233  first, for the first 2 fiscal years of the association’s
  234  operation, beginning with the fiscal year in which the initial
  235  declaration is recorded, after which time reserves may be waived
  236  or reduced only upon the vote of a majority of all nondeveloper
  237  voting interests voting in person or by limited proxy at a duly
  238  called meeting of the association. If a meeting of the unit
  239  owners has been called to determine whether to waive or reduce
  240  the funding of reserves, and no such result is achieved or a
  241  quorum is not attained, the reserves as included in the budget
  242  shall go into effect. After the turnover, the developer may vote
  243  its voting interest to waive or reduce the funding of reserves.
  244         3. Reserve funds and any interest accruing thereon shall
  245  remain in the reserve account or accounts, and may shall be used
  246  only for authorized reserve expenditures unless their use for
  247  other purposes is approved in advance by a majority vote at a
  248  duly called meeting of the association. Prior to turnover of
  249  control of an association by a developer to unit owners other
  250  than the developer pursuant to s. 718.301, the developer
  251  controlled association shall not vote to use reserves for
  252  purposes other than that for which they were intended without
  253  the approval of a majority of all nondeveloper voting interests,
  254  voting in person or by limited proxy at a duly called meeting of
  255  the association.
  256         4. The only voting interests that which are eligible to
  257  vote on questions that involve waiving or reducing the funding
  258  of reserves, or using existing reserve funds for purposes other
  259  than purposes for which the reserves were intended, are the
  260  voting interests of the units subject to assessment to fund the
  261  reserves in question. Proxy questions relating to waiving or
  262  reducing the funding of reserves or using existing reserve funds
  263  for purposes other than purposes for which the reserves were
  264  intended shall contain the following statement in capitalized,
  265  bold letters in a font size larger than any other used on the
  266  face of the proxy ballot: WAIVING OF RESERVES, IN WHOLE OR IN
  267  PART, OR ALLOWING ALTERNATIVE USES OF EXISTING RESERVES MAY
  268  RESULT IN UNIT OWNER LIABILITY FOR PAYMENT OF UNANTICIPATED
  269  SPECIAL ASSESSMENTS REGARDING THOSE ITEMS.
  270         Section 6. Section 718.114, Florida Statutes, is amended to
  271  read:
  272         718.114 Association powers.—An association may enter into
  273  agreements to acquire leaseholds, memberships, and other
  274  possessory or use interests in lands or facilities such as
  275  country clubs, golf courses, marinas, and other recreational
  276  facilities, regardless of whether or not the lands or facilities
  277  are contiguous to the lands of the condominium, if such lands
  278  and facilities are intended to provide enjoyment, recreation, or
  279  other use or benefit to the unit owners. All of these
  280  leaseholds, memberships, and other possessory or use interests
  281  existing or created at the time of recording the declaration
  282  must be stated and fully described in the declaration.
  283  Subsequent to the recording of the declaration, agreements
  284  acquiring these leaseholds, memberships, or other possessory or
  285  use interests which are not entered into within 12 months of the
  286  date of the recording of the certificate of a surveyor and
  287  mapper pursuant to s. 718.104(4)(e) or the recording of an
  288  instrument that transfers title to a unit in the condominium
  289  which is not accompanied by a recorded assignment of developer
  290  rights in favor of the grantee of such unit, whichever occurs
  291  first, are following the recording of the declaration are a
  292  material alteration or substantial addition to the real property
  293  that is association property, and the association may not
  294  acquire or enter into such agreements except upon a vote of, or
  295  written consent by, a majority of the total voting interests or
  296  as authorized by the declaration as provided in s. 718.113. The
  297  declaration may provide that the rental, membership fees,
  298  operations, replacements, and other expenses are common expenses
  299  and may impose covenants and restrictions concerning their use
  300  and may contain other provisions not inconsistent with this
  301  chapter. A condominium association may conduct bingo games as
  302  provided in s. 849.0931.
  303         Section 7. Subsections (1) and (4) of section 718.301,
  304  Florida Statutes, are amended to read:
  305         718.301 Transfer of association control; claims of defect
  306  by association.—
  307         (1) If unit owners other than the developer own 15 percent
  308  or more of the units in a condominium that will be operated
  309  ultimately by an association, the unit owners other than the
  310  developer are entitled to elect at least one-third of the
  311  members of the board of administration of the association. Unit
  312  owners other than the developer are entitled to elect at least a
  313  majority of the members of the board of administration of an
  314  association, upon the first to occur of any of the following
  315  events:
  316         (a) Three years after 50 percent of the units that will be
  317  operated ultimately by the association have been conveyed to
  318  purchasers;
  319         (b) Three months after 90 percent of the units that will be
  320  operated ultimately by the association have been conveyed to
  321  purchasers;
  322         (c) When all the units that will be operated ultimately by
  323  the association have been completed, some of them have been
  324  conveyed to purchasers, and none of the others are being offered
  325  for sale by the developer in the ordinary course of business;
  326         (d) When some of the units have been conveyed to purchasers
  327  and none of the others are being constructed or offered for sale
  328  by the developer in the ordinary course of business;
  329         (e) When the developer files a petition seeking protection
  330  in bankruptcy;
  331         (f) When a receiver for the developer is appointed by a
  332  circuit court and is not discharged within 30 days after such
  333  appointment, unless the court determines within 30 days after
  334  appointment of the receiver that transfer of control would be
  335  detrimental to the association or its members; or
  336         (g) Seven years after the date of the recording of the
  337  certificate of a surveyor and mapper pursuant to s.
  338  718.104(4)(e) or the recording of an instrument that transfers
  339  title to a unit in the condominium which is not accompanied by a
  340  recorded assignment of developer rights in favor of the grantee
  341  of such unit, whichever occurs first; recordation of the
  342  declaration of condominium; or, in the case of an association
  343  that may ultimately operate more than one condominium, 7 years
  344  after the date of the recording of the certificate of a surveyor
  345  and mapper pursuant to s. 718.104(4)(e) or the recording of an
  346  instrument that transfers title to a unit which is not
  347  accompanied by a recorded assignment of developer rights in
  348  favor of the grantee of such unit, whichever occurs first,
  349  recordation of the declaration for the first condominium it
  350  operates; or, in the case of an association operating a phase
  351  condominium created pursuant to s. 718.403, 7 years after the
  352  date of the recording of the certificate of a surveyor and
  353  mapper pursuant to s. 718.104(4)(e) or the recording of an
  354  instrument that transfers title to a unit which is not
  355  accompanied by a recorded assignment of developer rights in
  356  favor of the grantee of such unit, whichever occurs first
  357  recordation of the declaration creating the initial phase,
  358  whichever occurs first. The developer is entitled to elect at
  359  least one member of the board of administration of an
  360  association as long as the developer holds for sale in the
  361  ordinary course of business at least 5 percent, in condominiums
  362  with fewer than 500 units, and 2 percent, in condominiums with
  363  more than 500 units, of the units in a condominium operated by
  364  the association. After the developer relinquishes control of the
  365  association, the developer may exercise the right to vote any
  366  developer-owned units in the same manner as any other unit owner
  367  except for purposes of reacquiring control of the association or
  368  selecting the majority members of the board of administration.
  369         (4) At the time that unit owners other than the developer
  370  elect a majority of the members of the board of administration
  371  of an association, the developer shall relinquish control of the
  372  association, and the unit owners shall accept control.
  373  Simultaneously, or for the purposes of paragraph (c) not more
  374  than 90 days thereafter, the developer shall deliver to the
  375  association, at the developer’s expense, all property of the
  376  unit owners and of the association which is held or controlled
  377  by the developer, including, but not limited to, the following
  378  items, if applicable, as to each condominium operated by the
  379  association:
  380         (a)1. The original or a photocopy of the recorded
  381  declaration of condominium and all amendments thereto. If a
  382  photocopy is provided, it must shall be certified by affidavit
  383  of the developer or an officer or agent of the developer as
  384  being a complete copy of the actual recorded declaration.
  385         2. A certified copy of the articles of incorporation of the
  386  association or, if the association was created prior to the
  387  effective date of this act and it is not incorporated, copies of
  388  the documents creating the association.
  389         3. A copy of the bylaws.
  390         4. The minute books, including all minutes, and other books
  391  and records of the association, if any.
  392         5. Any house rules and regulations that which have been
  393  promulgated.
  394         (b) Resignations of officers and members of the board of
  395  administration who are required to resign because the developer
  396  is required to relinquish control of the association.
  397         (c) The financial records, including financial statements
  398  of the association, and source documents from the incorporation
  399  of the association through the date of turnover. The records
  400  must shall be audited for the period from the incorporation of
  401  the association or from the period covered by the last audit, if
  402  an audit has been performed for each fiscal year since
  403  incorporation, by an independent certified public accountant.
  404  All financial statements must shall be prepared in accordance
  405  with generally accepted accounting principles and must shall be
  406  audited in accordance with generally accepted auditing
  407  standards, as prescribed by the Florida Board of Accountancy,
  408  pursuant to chapter 473. The accountant performing the audit
  409  shall examine to the extent necessary supporting documents and
  410  records, including the cash disbursements and related paid
  411  invoices to determine if expenditures were for association
  412  purposes and the billings, cash receipts, and related records to
  413  determine that the developer was charged and paid the proper
  414  amounts of assessments.
  415         (d) Association funds or control thereof.
  416         (e) All tangible personal property that is property of the
  417  association, which is represented by the developer to be part of
  418  the common elements or which is ostensibly part of the common
  419  elements, and an inventory of that property.
  420         (f) A copy of the plans and specifications utilized in the
  421  construction or remodeling of improvements and the supplying of
  422  equipment to the condominium and in the construction and
  423  installation of all mechanical components serving the
  424  improvements and the site with a certificate in affidavit form
  425  of the developer or the developer’s agent or an architect or
  426  engineer authorized to practice in this state that such plans
  427  and specifications represent, to the best of his or her
  428  knowledge and belief, the actual plans and specifications
  429  utilized in the construction and improvement of the condominium
  430  property and for the construction and installation of the
  431  mechanical components serving the improvements. If the
  432  condominium property has been declared a condominium more than 3
  433  years after the completion of construction or remodeling of the
  434  improvements, the requirements of this paragraph do not apply.
  435         (g) A list of the names and addresses, of which the
  436  developer had knowledge at any time in the development of the
  437  condominium, of all contractors, subcontractors, and suppliers
  438  utilized in the construction or remodeling of the improvements
  439  and in the landscaping of the condominium or association
  440  property which the developer had knowledge of at any time in the
  441  development of the condominium.
  442         (h) Insurance policies.
  443         (i) Copies of any certificates of occupancy that which may
  444  have been issued for the condominium property.
  445         (j) Any other permits applicable to the condominium
  446  property which have been issued by governmental bodies and are
  447  in force or were issued within 1 year prior to the date the unit
  448  owners other than the developer took take control of the
  449  association.
  450         (k) All written warranties of the contractor,
  451  subcontractors, suppliers, and manufacturers, if any, that are
  452  still effective.
  453         (l) A roster of unit owners and their addresses and
  454  telephone numbers, if known, as shown on the developer’s
  455  records.
  456         (m) Leases of the common elements and other leases to which
  457  the association is a party.
  458         (n) Employment contracts or service contracts in which the
  459  association is one of the contracting parties or service
  460  contracts in which the association or the unit owners have an
  461  obligation or responsibility, directly or indirectly, to pay
  462  some or all of the fee or charge of the person or persons
  463  performing the service.
  464         (o) All other contracts to which the association is a
  465  party.
  466         (p) A report included in the official records, under seal
  467  of an architect or engineer authorized to practice in this
  468  state, attesting to required maintenance, useful life, and
  469  replacement costs of the following applicable common elements
  470  comprising a turnover inspection report:
  471         1. Roof.
  472         2. Structure.
  473         3. Fireproofing and fire protection systems.
  474         4. Elevators.
  475         5. Heating and cooling systems.
  476         6. Plumbing.
  477         7. Electrical systems.
  478         8. Swimming pool or spa and equipment.
  479         9. Seawalls.
  480         10. Pavement and parking areas.
  481         11. Drainage systems.
  482         12. Painting.
  483         13. Irrigation systems.
  484         (q) A copy of the certificate of a surveyor and mapper
  485  recorded pursuant to s. 718.104(4)(e) or the recorded instrument
  486  that transfers title to a unit in the condominium which is not
  487  accompanied by a recorded assignment of developer rights in
  488  favor of the grantee of such unit, whichever occurred first.
  489         Section 8. Subsection (1) of section 718.403, Florida
  490  Statutes, is amended to read:
  491         718.403 Phase condominiums.—
  492         (1) Notwithstanding the provisions of s. 718.110, a
  493  developer may develop a condominium in phases, if the original
  494  declaration of condominium submitting the initial phase to
  495  condominium ownership or an amendment to the declaration which
  496  has been approved by all of the unit owners and unit mortgagees
  497  provides for and describes in detail all anticipated phases; the
  498  impact, if any, which the completion of subsequent phases would
  499  have upon the initial phase; and the time period (which may not
  500  exceed 7 years from the date of recording the declaration of
  501  condominium) within which all phases must be added to the
  502  condominium and comply with the requirements of this section and
  503  at the end of which the right to add additional phases expires.
  504         (a) All phases must be added to the condominium within 7
  505  years after the date of the recording of the certificate of a
  506  surveyor and mapper pursuant to s. 718.104(4)(e) or the
  507  recording of an instrument that transfers title to a unit in the
  508  condominium which is not accompanied by a recorded assignment of
  509  developer rights in favor of the grantee of such unit, whichever
  510  occurs first, unless the unit owners vote to approve an
  511  amendment extending the 7-year period pursuant to paragraph (b)
  512  of this section.
  513         (b) An amendment to extend the 7-year period shall require
  514  the approval of the owners necessary to amend the declaration of
  515  condominium pursuant to s. 718.110(1)(a). An extension of the 7
  516  year period may be submitted for approval only during the last 3
  517  years of the 7-year period.
  518         (c) An amendment must describe the time period within which
  519  all phases must be added to the condominium and such time period
  520  may not exceed 10 years from the date of the recording of the
  521  certificate of a surveyor and mapper pursuant to s.
  522  718.104(4)(e) or the recording of an instrument that transfers
  523  title to a unit in the condominium which is not accompanied by a
  524  recorded assignment of developer rights in favor of the grantee
  525  of such unit, whichever occurs first.
  526         (d) An amendment that extends the 7-year period pursuant to
  527  this section is not subject to the requirements of s.
  528  718.110(4).
  529         Section 9. This act shall take effect upon becoming a law.