Many clients and prospective clients contact us and ask common questions based on advice from their relatives or a “friend of a friend.” These blog entries will unlock the mysteries of real estate law in Florida.
QUESTION: Are my ownership rights restricted if I buy a Condominium in Florida?
There are thousands of condominium units in Florida to purchase and many of these units are more affordable and provide maximum accessibility to amenities (i.e. clubhouses, beach access, urban lifestyle and/or social activities). However, it is important to understand that many basic tenets of real estate ownership are restricted or eliminated in the condominium ownership regime.
First, when you own a condominium unit, generally you only own the property located within the four corners of the interior of your unit. You share the common elements with fellow unit owners.
Second, you own your condominium unit subject to a variety of rules and restrictions contained in the Declaration of Condominium, Bylaws, and Rules and Regulations commonly known as the Governing Documents. The Governing Documents may restrict your right to lease your unit, restrict your rights to have a pet, restrict long term guests, and other restrictions. Additionally, it requires you to pay assessments to the Condominium Association for the operation and maintenance of the Condominium Building.
Third, the operation of the Condominium Building is handled by a board of directors consisting of fellow unit owners. Please note there is no requirement to hold office as a director other than certifying that you take a class as mandated by Florida Statute.
It is always important to have an experienced Florida real estate attorney to review the contract and the Governing Documents to properly advise you of your rights (or lack thereof) when owning a condominium unit.