06 août 2015 ~ 0 Commentaire

7 Movies with Unbelievable Scenes About Condominiums

Today, there are some incredible bargains in Florida real estate… especially condominiums. Prior to the downturn in the actual estate market, condominium development in Florida was at near-record levels. Now, there is an abundance of new, unsold condominium units, many being sold for pennies on the dollar. A large percentage of those units are near beaches, golf courses and other amenities that make Florida living so desirable. For investors and second-home buyers, this creates the opportunity that could not come around for decades.

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However, a condominium formed under Florida law, is a totally different animal than what you’ve been used to. It all starts with the ownership concept. To begin with, a lot of people reference the apartment where they will be living as their « condominium. » Actually, the condominium is the entire project consisting of all the apartments, the grounds, the parking areas and, in most cases, the recreational facilities. Your apartment is referred to as a « unit. » Most of the rest of the condominium is known as the « common elements. » You have exclusive ownership of your unit and you share in the ownership of the most popular elements with all the other unit owners. The Florida Condominium Act says that most of you have an undivided ownership in the most popular elements. This implies every unit owner has the right to take pleasure from the most popular elements and the obligation to maintain them.

Since you may guess, this arrangement, without guidelines and management, could result in utter chaos. Each unit owner would assert his / her own personal and selfish preferences regarding use of the most popular elements and many would not want to pay their great amount of the expenses.

Because of the close proximity to your neighbors, the necessity to regulate the use of the most popular elements and the necessity of insuring, maintaining and repairing the most popular elements, certain rules and restrictions must exist. Pursuant to Florida law, these rules and restrictions are found in the condominium documents. A quick set of the documents is as follows:

1. Declaration of Condominium. Here is the main document of the condominium. The Declaration actually creates the condominium. It describes the units and common elements, defines certain unit owner rights, authorizes creation of the association and regulates the employment and operation of the most popular elements.

2. Articles of Incorporation of the Association. This document creates the condominium association. It is filed with the Florida Department of State.

3. Bylaws of the Association. They are the guidelines for the operation of the association. The bylaws set forth the amount of directors, prescribes the procedures of unit owner and board of directors meetings and defines the financial and budget matters of the association.

4. Operating Budget. This document describes the most popular expenses of the association, which are divided among the unit owners in the same proportion because the ownership interest in the most popular elements.

5. Rules and Regulations. They are enacted by the board of directors and generally contain restrictions related to the use of the most popular elements.

Purchasing a Condominium Unit

When you yourself have decided that condominium life is right for you personally, you may decide to buy a unit. The purchase of a condominium unit involves many of the same considerations as a single family home. However, because of the unique nature of condominiums, you can find other factors to consider.

There are two circumstances in investing in a condominium unit which are treated differently underneath the Florida Condominium Act. There are different requirements according to whether you are purchasing from the developer or from the last unit owner. This informative article will focus on purchasing from the Developer.

Purchasing from the Developer

If you should be purchasing a device in a brand new project from the developer, the Florida condominium law has provisions to ensure you are informed. Every developer of a residential condominium is needed to submit the condominium documents to the Division of Florida Land Sales, Condominiums, and Mobile Homes for review. The developer may not enter into contracts for the purchase and sale of a device until it’s submitted these documents and the Division has acknowledged that the documents were property submitted.

 

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