So you bought a condominium unit in Florida, now what? For foreign investors, there are certain regulations that need to be met once you add Florida real estate condos to the list of assets you currently own. The state of Florida is one of the most popular US states for snowbirds that want to bask in the great weather and beautiful beaches. It is also the prime US state for many retiring baby boomers as there is a healthy and active senior citizen community in the region.
Owner Obligations
As a condominium unit owner, one of your obligations is to pay all of the necessary fees and assessments as stipulated by your Florida homeowner’s association. You must keep in mind that Florida real estate condos are within statute 718 of the state law. The most essential aspects are the powers and responsibilities given to the association and your responsibility as a condo owner to adhere to the guidelines.
Your rights
Whether it is Fort Lauderdale real estate condos or South Beach, the condominium unit association should be incorporated as a non-profit or for profit organization. One of your rights is to become a shareholder of the said association as you have evident property ownership. Likewise, the board and its directors also have a financial accountability to all of the unit owners. The condo unit association also must come up with a proposed budget annually. The items that need to be included in the budget should be the operational funds as well as expenses along with cash reserves. Along with this, the condo association needs to provide you with financial statements at the end of the year or within 90 days upon request
Association Authority
In Florida real estate, condo unit associations have inherent powers that they exercise in order to manage and maintain the upkeep of the entire building. They can enter into contracts on behalf of the condo unit owners or file lawsuits. One example is that if a plumbing company hired by the association to do repair work for the building does not fulfill its obligations, they can sue them in court for damages on behalf of the entire condo unit owners.
For Canadians buying US real estate, it is important to note that association members have the right to come in any unit only to do repair work or prevent further damage that can happen to common areas such as roofs, passageways and outer walls. They also can lease or purchase units in the property.
It is important to know the rules and regulations of your condo unit homeowner’s association so as not to get into some trouble with them. Issues that may arise are remodeling the unit that has components not allowed by the association. There are horror stories of unit owners losing their property after a legal battle with a condo unit association that did not bid well on their side.
Beware of some condo unit associations that may charge you with additional condo unit fees for using the available amenities. It is wise to get legal counsel first before avoiding payment if you feel that the association is imposing too high a cost.
For more information on Florida real estate condos visit the link below.
Owner Obligations
As a condominium unit owner, one of your obligations is to pay all of the necessary fees and assessments as stipulated by your Florida homeowner’s association. You must keep in mind that Florida real estate condos are within statute 718 of the state law. The most essential aspects are the powers and responsibilities given to the association and your responsibility as a condo owner to adhere to the guidelines.
Your rights
Whether it is Fort Lauderdale real estate condos or South Beach, the condominium unit association should be incorporated as a non-profit or for profit organization. One of your rights is to become a shareholder of the said association as you have evident property ownership. Likewise, the board and its directors also have a financial accountability to all of the unit owners. The condo unit association also must come up with a proposed budget annually. The items that need to be included in the budget should be the operational funds as well as expenses along with cash reserves. Along with this, the condo association needs to provide you with financial statements at the end of the year or within 90 days upon request
Association Authority
In Florida real estate, condo unit associations have inherent powers that they exercise in order to manage and maintain the upkeep of the entire building. They can enter into contracts on behalf of the condo unit owners or file lawsuits. One example is that if a plumbing company hired by the association to do repair work for the building does not fulfill its obligations, they can sue them in court for damages on behalf of the entire condo unit owners.
For Canadians buying US real estate, it is important to note that association members have the right to come in any unit only to do repair work or prevent further damage that can happen to common areas such as roofs, passageways and outer walls. They also can lease or purchase units in the property.
It is important to know the rules and regulations of your condo unit homeowner’s association so as not to get into some trouble with them. Issues that may arise are remodeling the unit that has components not allowed by the association. There are horror stories of unit owners losing their property after a legal battle with a condo unit association that did not bid well on their side.
Beware of some condo unit associations that may charge you with additional condo unit fees for using the available amenities. It is wise to get legal counsel first before avoiding payment if you feel that the association is imposing too high a cost.
For more information on Florida real estate condos visit the link below.
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