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Monday, October 25, 2010

Know the Rules When Buying in a Condo Complex or Deed Restricted Subdivision

Condo complexes have associations. Associations have rules.  Subdivisions have associations.  Associations have rules.

Rules are limits.  Limits exist to protect the whole - the entire development.

But as an individual you may at times find these restrictions to be a source of conflict.

Know the rules before buying into a condo complex or restricted subdivision. [The below list is not all inclusive, just ideas. Consult an attorney if you have questions.]
  • Pets: What are the limitations on pets? 
  • Rentals: Can you rent your condo if you move (% which must be owner occupied)?
  • Parking: Can I park on the street?  Are commercial vehicles allowed in front of house?  Can I store that boat or RV in the side yard - even overnight?  Can I have my pickup truck in the driveway?
  • Modifications:  Do I have to get an OK to paint my house?  Can I have a fence?
  • Guests: Are there restrictions on how long a guest can stay or their age (in a 55+ community)?
  • Fees and Assessments:  What are the dues?  Will they go up in the future?  What is the association's financial position?  Does the association have reserves? How many owners are delinquent in their dues?  What does the association fees cover?
Associations exist for a reason.  Know the rules before buying!

In Florida, and most states, there are laws requiring prospective buyers a time period to review the association documents.  Use that time wisely and consult an attorney if necessary! 

Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.

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