What are Condo Document Rules?
Photo by Dan Brady
The State of Florida currently is the ‘home’ of millions of condominium units. The explosion in the regional real estate market has given a boost to this ever-increasing realty category. Thanks to this development that has been coupled with Florida’s much sought-after sunny beaches, golf courses, and pristine weather – Florida has been experiencing a major expansion in condominiums.
What Constitute Condominium Documents?
In this State, a condominium is created by filing and subsequent recording of the Declaration of Condominium. This Declaration is the statutorily declared document of the condominium creation. This document is more than simply a contract that spells out the obligations and rights of the parties involved. The Declaration precisely sets forth all the limits and extent of use and enjoyment of the real property and the individual user’s interest therein. The Florida condominiums are governed by the important ‘Condominium Documents’ that generally refers to the Declaration of Condominium, Rules and Regulations, Bylaws, and other significant documents.
The condo document rules are created specifically at the time when the property gets submitted to the State as condominium type of ownership. Condominiums in Florida are also administered by applicable Florida laws apart from the condo document rules. Particularly, the Chapter 718 of the Florida Statutes deals with the governance and operation of condominiums. Numerous condominium documents have been created in the last few decades which are constantly amended and updated by the Associations. Many of these original Condo Document Rules though are outdated documents as they do not incorporate the various powers and limitations provided in the Florida Statutes’ Chapter 718.
How Can You Obtain Condo Document Rules?
Obtaining condominium documents when you require them for your various property related transactions is not easy. It is always a good idea to keep your personal documents handy. Instead of chasing down different unresponsive agents, management companies, associations, or sellers for the necessary documents, using a single reliable resource is a plausible solution for your condominium document rules. Florida Condominium Association Declarations as well as Amendments are important to be aware of. Typically, the Florida Condominium document rules include a set of Condominium Association Bylaws also incorporating one copy of the budget from when the association was created. An extensive list of the Frequently Asked Questions about the Condominium Association, the building’s architectural drawings and layout of all the units, as well as Rules and Regulations are frequently included as part of the Condominium Documents.
However, to guarantee 100% completion of the set of condo documents you receive, it is vital that you cross check with the Association. There are instances when associations keep extra documents and addendums that have not been properly filed. Additionally the budgets may change every year. Hence, it is recommended that the association be contacted to obtain an updated budget and necessary documents.
Maintain a digital as well as hard copy of all the recorded condo documents from your Association in addition to the available amendments of the documents. Staying informed and updated with essential condominium documentation will ensure and effortless real estate transaction. To search for your condo docs click here.