So how much can a condominium charge for an Estoppel letter?
First, what is an Estoppel letter? Basically it’s an accounting for a condominium unit. It tells the Closing Agent if there are any maintenance fees outstanding, any special assessments due what the current fees are so that the Closing Agent may prorate them on the Closing Statement. Ensuring that the fees are current in a condominium is required so that the Seller may convey clean title to the Buyer.
The management companies are always looking for new and creative ways to charge unsuspecting Buyers (mostly) new fees but this one is typically paid by the Seller.
The Florida legislature put a stop to the extortion that went on with associations and managers a few years ago. They capped the amount that an association may charge for the preparation of this document which may not exceed $250 unless (1) the request is submitted on an expedited basis and is delivered within three days, in which case an additional fee of up to $100 can be changed; or (2) delinquent assessments are owed, in which case an additional $150 fee can be charged
