Doral Real Estate – Q & A

Condo Association

Must a seller of a property subject to condominium association have to provide a buyer with a copy of the relevant condo documents?

This may surprise all, but there is no such law in the books. The statue merely states that a buyer is merely entitled to get the documents at the seller’s expense.

However, a buyer and seller could create a contractual obligation mandating that a seller provide the relevant documents; without it being in writing, the seller is free to refuse the buyer’s request for them. That said, this would not be to the seller’s best interest, because as per Chapter 718.503, Florida Statues, a buyer has a right to completely void the agreement if not provided with the association  documents when asked in writing.- Not a good move on the seller’s part.

The timing for the delivery differ, depending on whether or not the seller is a developer, but the right to void the agreement is present in both cases in the event a buyer has requested the condominium documents (*A full set of documents as defined by law) in writing and the seller has refused to provide them. Any purported waiver of this buyer’s right will be ineffective.

A full set of documents defined by law consist of:

  1. A CURRENT COPY OF THE DECLARATION OF CONDOMINIUM
  2. ARTICLES OF INCORPORATION OF THE ASSOCIATION
  3. BYLAWS AND RULES OF THE ASSOCIATION
  4. A COPY OF THE MOST RECENT YEAR-END FINANCIAL INFORMATION
  5. FREQUENTLY ASKED QUESTIONS AND ANSWERS DOCUMENT

Also, effective January 1, 2009, a prospective purchaser of a condominium unit from a non-developer seller is to be given a Condominium Governance Form created by the DBPR Division of Florida Condominiums, Timeshares and Mobile Homes.

The form will include the following:

  • A description of the condominium’s board of directors’ role
  • The rights of owners to speak at board meetings
  • The responsibilities of the owner to pay assessments and otherwise abide by the rules set forth in the documents.

The form may be found at the Division’s  website. www.myfloridalicense.com/dbpr/lsc or you can contact me and I can email it to you.

Feel free to send any question you might have related to Doral or Real Estate.

“Nobody Knows Doral Real Estate Like teamDoral”

If you are considering selling your Doral home and you would like a comparative market analysis, feel free to contact me for an appointment (786) 287-9272.  I specialize in short sales and distress sales.  If you are interested in buying a home in Doral, I will be happy to assist you and provide a list of available homes in Doral and the surrounding areas.
Richard Recuset is a Realtor®, Short Sale Agent, and Certified Distressed Property Expert (CDPE) serving the City of Doral, Fl and surrounding areas.td Remax

*Nothing in this article is intended to solicit listings currently under contract with another broker.  This article offers no legal or tax advice and is for information purposes only.  Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.  teamDoral- A REMAX Premier Associates Group, is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

“Change is inevitable – Growth is an Option”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s