Whether you are a first-time buyer, or you are downsizing from a house to a condominium, there are some things you should understand about owning one. Just as there are homeowners associations, there are also condominium associations that outline certain rules regarding living in the building.
The state of Florida has certain regulations and laws that outline an association’s role and limit certain things that a condo association can expect from owners and renters.
Laws and regulations pertaining to condo associations
According to Florida Realtors, although a condo association can collect a security deposit on top of what the landlord is collecting, there is a limit cap of one month’s rent. The association may also limit the number of rentals, but the application of the cap must be uniform and consistent. This limit only applies for incoming owners, unless an existing one agreed to the new amendment.
A condo association cannot charge a fee for the lease or sale of a unit, although it can charge a tenant screening fee. Upon purchase of a condo, the seller must provide the buyer with the following documents:
- Condominium declaration
- Recent year-end financial information
- Articles of corporation
- Frequently asked questions
- Condo bylaws and rules
Common required bylaws
According to The Florida Senate, there are certain bylaws that the state requires of condominium associations. There is a requirement that the board must respond to a written inquiry by a unit owner within 30 days of receiving the inquiry via certified mail. Board meetings are also open to all owners, and the board must give a minimum of 48 hours’ notice prior to a meeting. A notice of at least 14 days is necessary for the annual owner meeting and before every budget meeting.