Why Is It Important to Know Condominium By laws?
Condominium living provides numerous advantages that appeal to an increasing number of homeowners. The concept of condominium ownership has been present in Florida over several decades. However, the complex legal necessities are frequently unfamiliar to most condominium owners and purchasers. The term condominium is a type of property ownership where a ‘unit’ is exclusively owned by an individual and the common elements are jointly owned by all unit owners residing in the condominium. This is not to be confused with co-ops. Co-ops are mostly found up north but do exist in Florida as well. Co-ops are not bound by Condominium By laws but more on specific corporate rules as you are essentially buying a share of a company.
What are Condominium Laws?
The Florida Condominium Act has been created to benefit all the parties associated in the process of buying, owning and selling condos. Chapter 718 of Florida Statutes, also referred as the Condominium Act, along with corresponding administrative laws found in Florida Administrative Code, Chapters 61B-15 through 61B-24 are the foundation of pertinent condominium ownership related information that a purchaser must be aware of. The development of a condominium is a lengthy and technical process. The buyer, in addition to the investment considerations, must also keep in mind the significance of the condo documents that at the minimum include the Declaration of Condominium, articles on Incorporation of the Condominium Association, as well as the Condominium By laws of the association. The term Condominium By laws is often used incorrectly as the Declaration of Condominium. The Condominium By laws are merely one item included in the Declaration of Condominium.
The Advantages of Condominium By laws
The Chapter 718.112 of the Florida Statutes highlights at length the different condominium by laws. The buyer must thoroughly examine these by laws. Carelessness may result in preventable complications in the long term. There are quite a few reasons a prospective buyer must inspect the documents and by laws. The most important is that rules and by laws create a level playing field for every owner at the condominium. It precisely outlines the individual as well as undivided ownership of the property whether common elements including recreational facilities and other amenities or the individual ‘unit’. Thus, these laws are vital in indicating the point of possession each owner can exert in the property. While you may not think they are important when buying, when something goes wrong, this is what everyone will be referencing.
Condominium Laws Highlight Responsibilities and Restrictions of Unit Owners
Although a condominium provides various advantages to purchasing a single family home, it also enumerates responsibilities and restrictions that come with condominium ownership.
The financial responsibilities include operational and maintenance costs of the condominium. These costs are financed through the collection of assessments by the condominium association. Each unit owner pays assessment for his share of the common expenditures in accordance to the percentages or proportions laid down in the Declaration of Condominium. The assessment to the unit owner varies depending on the level of services and amenities being provided in that particular condominium. These assessments are often monthly or quarterly and sometimes necessary in specific cases of emergencies.
On the other hand, restrictions on the uses of both the common elements and individual units help in preserving the best interest of all unit owners. Since, every condominium association stipulates its own set of condo documents, an owner can determine specific restrictions only by reviewing those documents.
Investment in a real estate requires an understanding of the market and property evaluation. Property purchase is a huge financial investment with intricate legalities involved in the process. If you are planning to purchase a condominium in Florida, understanding the laws is imperative and familiarity with the legal processes will help you avoid untoward complications in future. If you can’t be bothered to take the time to read the Condominium By laws then have an attorney review them for you.
To search for a copy of your Condo Docs Click Here.