If you like the condo lifestyle and you live in Florida, you’ve landed in the right place. But even what seems to be the right place can have challenges, especially in the environment we’re currently living in.
Let’s start with the rights of condo owners. Florida condo law, as outlined in the Florida Condominium Act (Chapter 718 of the Florida Statutes) will explain, in fine print, owner rights as an owner, but for the purpose of this column we’ll hit on some of the key aspects.
As a condo owner, you have exclusive ownership of your unit; remember, when you purchase a condo, you receive a deed just like if you purchase a single-family home. This includes the right to occupy, decorate, renovate, lease or sell your unit. Every condominium association has certain restrictions on these above rights which will be disclosed to a prospective buyer in both the association’s condo documents as well as their rules and regulations. For instance, there could be limitations on types of modifications that can be made and may require board approval for renovations and/or modifications.
Owners have access to common elements such as pools, gyms, docks and clubhouses. Again, all of this is within association guidelines based on hours, noise restrictions and ongoing repair work.
Living in a condo association, you are automatically a member with a voice in the governance of the community. You will be asked to vote on material alterations, elections for the Board of Directors and other significant community decisions. I can’t emphasize enough that becoming active in the community, volunteering on committees and running for a board position is one of the most important things you can do if you want your voice heard.
Florida law ensures that condo owners have the right to inspect the association’s official records. Not all of the financial records can be disclosed in a board meeting, therefore, if you want more detailed information, you can ask the board for specific records you want to review.
Since no one is perfect, there may be times when you as an owner feel that rules are not being enforced equally or that there are excessive rules. This is also protected under Florida’s condo law and should be brought to the attention of the Board of Directors.
Certainly, the most important aspect of your rights as an owner is the stability of the association’s finances. This includes increases in fees, the addition of special assessments and a clear justification for fee increases, all of which can be contested by an owner.
One of the reasons to know what your rights are as a condo owner is coming to a head in several states but particularly in Florida. As a result of the Surfside disaster, Florida enacted specific inspection laws relative to the stability of condo buildings that are three stories or higher. Condos need to be inspected by a Florida qualified inspector and if there are any structural repairs required, the association is mandated to make the repairs. In addition, in Florida, condo associations have to prove through their financial records and reserves that they have adequate funds to make any repairs needed.
Condo associations that haven’t prepared for this are facing large assessments and are also putting the ability of buyers to be approved for financing in jeopardy. Freddie Mac is quietly blacklisting areas of the country or individual associations where mortgages will not be approved. This extends itself to the insurance industry, which could be another obstacle in the way of selling your condo.
A condo is still the most carefree lifestyle and perfectly suited to Florida living. You just need to stay on top of how the association is spending your money, stay involved and understand your rights.
