Buying a single-family home is unlike purchasing or selling a condominium in Florida. For instance, when buying a condo, buyers may rescind a purchase contract within 15 days for a new condominium or three business days for a resale unit. The time begins when the buyer signs the contract or is given the required condominium documents, whichever is later.
The Required Documents Include
- The declaration of condominiums
- Articles of incorporation
- Bylaws
- Rules of the association
- The condominium association's question and answer sheet
- A copy of the most recent year-end financial statement
- A governance form describing the rights and responsibilities of associations and condominium owners.
In Practice- When an agent gives the documents to the buyer, the agent should get a signed, dated receipt and place it in the transaction file.
Sellers - should provide the listing agent with the required condo information at the time of listing! When selling a condominium, gather all documents required by the Condominium Act and provide them to your listing agent so they'll be ready to provide them to the buyer.
Buyers - when you're buying a condo, you should request additional information about the following:
- The dates of recent capital improvements
- A list of planned capital improvements and the estimated costs of each, and
- A breakdown of how existing and future reserves are allocated
While not specifically required by the act, this information is important so that your buyer can evaluate the likelihood of required special assessments to cover capital expenditures or inadequate reserves.
Real Estate Professionals - Be sure to get a signed and dated receipt and put it in the transaction file. I hope you found this information useful. If there are additional topics you'd like to know more about, please let me know, and I will be happy to feature those topic in an upcoming blog.
David Mills
Broker Associate
EXP Realty - Icon Luxury Group
