Sunshine in Florida does not just refer to the wonderful weather. We are the sunshine state with respect to the transparency of condominium management. Here is some information that is helpful to the potential owner or new owner of a condominium.
Florida Statue, Chapter 718 has very specific protections for owners of Condominiums. For example, condominium associations must have all records available for review within a reasonable time when properly requested. Budgets must be sent to all owners. meetings of directors are open and must be posted in advance. Changes in rules must be announced 14 days in advance of the meeting at which they will be considered. Directors must be elected yearly unless owners agree to staggered two year terms.
Too many owners do not pay attention to the day-to-day working of their associations and then find themselves in the middle of a crisis. Current condo owners are potential condo sellers and hopefully our clients. We want you to realize the maximum price and this starts long before you put your unit on the market. Pay attention to your condo management and participate in the process. A fiscally sound condo is a better value.