Condos in South Florida are a wonderful choice for downsizing families. Condos are easy to find near beaches and golf courses, and don’t require much maintenance. The condo association usually takes care of maintenance. If you’ve never lived in a condo before, there are some things you should know before you purchase. This can be a very different experience than living in a suburban single-family home.
Condo Rules & Regulations
It is a good idea to have rules. A set of rules is necessary to maintain order in a condo community in South Florida because of the high number of residents. Every condo community has a set Rules & Regulations that everyone must follow. These rules cover everything, from pet restrictions to parking and trash/recycling to rental restriction.
Make sure you read the rules. You should not be able to live with them. You might be thinking you can bend the rules. There are usually people in the building who have enough time to ensure everyone follows the rules. These people are affectionately called condo commandos. All buyers in Florida have a three-day right to rescission when purchasing a condo. Buyers have three days to review the rules of the association and its financial condition before they purchase. Within that three-day period, buyers have the right cancel any sales contract.
Approvals for Associations
You will most likely need to have your purchase approved by the association before you buy a condo, townhouse, or coop. Before you can close on your condo, you will need to get written approval. The deed and county records record the approval. You will typically fill out an application. You will need to verify your credit and history. This process can take up 30 days. A minimum credit score may be required by the association. Before you submit your application, you may want to verify your credit score. These fees are non-refundable. After approval, you will need to interview a member the condo board. This interview is typically a conversation with a member of the condo board. They will go over the rules with you and make sure you fully understand them before you move in. Interviews are usually conducted in person. There are exceptions to the rule. Interviews can be conducted by Skype or phone, but make sure you check beforehand.
This post was written by a real estate expert from the Dotoli group. Josh Dotoli is Paramount Residences #1 Selling Realtor with nine sales in 2021, 3x more sales than any other Realtor selling in the building. The Paramount Condominium Fort Lauderdale enjoys a prime beach area location. It is a Ft. Lauderdale oceanfront condo located across from the beach.