What You Should Know Before Buying A Condo in Florida
Most people think that a condominium is what they purchase when they move into a unit they have bought. However, the word actually refers to the entire residential complex.
An individual unit or apartment is what the individual buys. Common areas: hallways, grounds, swimming pool, public amenities, and the building are owned jointly and kept up by the unit owners.
Florida condo complexes are popular in the real estate market. New owners often are poorly educated about important elements of purchasing and living in condos. The unit is individually owned but communal rights are also connected to use grounds, amenities, facilities, etc. along with the obligation to pay a portion for their upkeep. The condo association is for the benefit of all owners and is non-profit.
It's important to keep the intended use in mind when he purchases a condo. Will it serve as your residence, a second home, an investment, a long-term rental, or a second home that you will rent out during prime periods? Many associations restrict use of the individual units so be sure you chose a complex that allows the use you have in mind.
You are required by law to receive a copy of the Declaration of the Condominium whether the purchase is a resale condo, a pre-construction, or a key-ready condo. These documents are registered with the State and can be more than 500 pages long. This includes detailed information about the developer, how the Home Owners’ Association is formed, the building plans, floor plans for each unit, required fees, and the Rules and Regulations of the complex.
Know your ownership and voting rights in the association: What percentage of the expenses must you pay? What restrictions are placed on use of your unit and common facilities? Will the complex grow with more construction? Is the developer required to complete all the facilities and amenities proposed? Have other residents complained? Are there lawsuits against the Condominium Association? Are funds set aside for maintenance projects and future payments? Are there restrictions regarding pets? Do they restrict additional occupants staying in your unit?
Buyers are given 3 days to review the condo documents if it is a resale purchase, and 15 days when buying a new, key-ready or pre-constructed condo. If you don't want to deal with any restrictions or requirements listed, you have the right to rescind the contract without penalty if it is done within the time allotted.
The information contained regarding rules, bylaws, and voting rights are important and will affect how you can live in and use your condo unit. The Association should carry a master insurance policy and you should know what it covers. If you don't pay your maintenance fees, a lien may be placed on your unit which could lead to foreclosure.
If you fully understand these aspects before you purchase, you will have a condo that will provide you with a pleasant home for years into the future.
Call Toll Free 866-429-4187
R P Realty Inc. | 506 SONATA COURT WINTER SPRINGS, FL 32708Houses for sale in Orlando, Florida
Licensed by the Florida Real Estate Commission | Privacy Policy
Listing information is provided for personal, non-commercial use. Property Information © Copyright 2011 My Florida Regional Multiple Listing Service. All rights reserved. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing data last updated 05/18/2012. © Copyright 2011 R P REALTY INC
RP Realty is your source for information on Florida Homes For Sale and Florida Real Estate.