If you want to divide a plot of land or a house into several apartments, the condominium association in Florida comes into play. The condominium law in Florida regulates the justification, the community, the administration of residential property and the residential building lease. The whole thing is a complicated matter best discussed with a lawyer or a notary.
Many people believe it is so easy and let people live on it. It doesn’t matter whether you want to give a home to friends or strangers; the same condominium law in Florida applies to everyone. A layperson will need help to see through this.
The condominium association Florida is very complex and lengthy. Various points are made. For example, who pays what costs and what to do in the event of an inheritance? What happens if the whole house is sold and so on? Lots of points come up again and again. As a future owner, you don’t have to know all the laws. But it makes sense if you inform yourself about the basics. Especially if you want to rent the condominium, in this case, as a landlord, you have to consider other points.
A lawyer is the best contact in this case. Whether you want to rent or need information, it is best to make an appointment with a lawyer familiar with housing law and property.
Financial matters are essential.
How much can the homeowner charge, and who pays for damage to community property? Such points are relevant. Being familiar with the landlord and tenant law is optional for an average owner. Vacation rentals also have regulations under condominium associations in Florida that you should know well. Informing is useful.
Preliminary meeting with the notary and draft purchase agreement
At the first notary appointment, fundamental questions about the purchase of a condo will be answered. The notary assumes the advisory function and checks the ownership structure in the land register. The draft of the purchase contract can also draw up as part of the preliminary meeting. Both parties, i.e. buyer and seller of the apartment, can incorporate their contractual conditions, and the notary can act as a trustee if both parties wish.
The final inspection and the handover protocol
You have inspected your future apartment in advance and have been able to confirm that the location, floor plan and equipment, etc. meet your needs. Before you buy, a final inspection should take place with the seller of the apartment. Ideally, all rooms and equipment are inspected again in detail and checked for defects and recorded in writing in a handover protocol. If damage is discovered, the current owner can agree with you whether to fix it before you move in or grant a price reduction. It is best to take another person you trust (or an expert) with you to this appointment because they may discover one or the other detail you would have overlooked.
The legal details – purchase contract, real estate transfer tax and land register
The draft purchase agreement forms the basis for the main contract, signed by the buyer and seller and then certified by the notary. He also takes care of the cancellation of a possibly existing mortgage at the seller’s expense. After the tax office has received the notarized purchase contract, the real estate transfer tax becomes due for the buyer. As the last legal step, the land register entry finally reveals that the buyer is the new owner of the apartment.
Payment of the purchase price and handover
When everything has been clarified from a legal point of view, the financial obligations must be fulfilled. The buyer’s bank transfers the purchase price either to the notary’s escrow account or directly to the seller. The notary fees are also due in this context. After the payment has been processed, the keys can be handed over.
What you should know about the purchase contract
A contract for the purchase of a condo should include the following elements:
- Names, addresses and signatures of buyer and seller
- Exact description, such as year of construction, living space, equipment, etc., as well as possible easements
- The agreed purchase price for the apartment
- Terms of payment: How and when the purchase price is to be paid and potential regulations on default interest
- Timing and conditions regarding handover and change of ownership
- The name of the trustee should handle the purchase.
- Defect descriptions
- Agreement on the timing of the assumption of costs incurred (e.g. charges for water, waste, etc.
It’s acceptable if you are uninformed of the condominium law in Florida.
One must know only some of the rules and certainly not by heart. The main thing is that you know where to get information. It is always good to consult a specialist. They usually have the most knowledge of such cases. If it is a condominium, the situation is okay. If you want to rent a hundred, you need a profound background. It’s almost impossible to do it alone. As a property owner, you concentrate on the points that are important to you. Everything else can be requested if necessary.