Associations

Frequently Asked Questions (FAQ)

Disclaimer.

Remember to check with your association’s legal counsel.

Florida Statute §718.504.

Click here to read §718.504.

Click here to read §718.111.

Excerpt: Every developer of a residential condominium which contains more than 20 residential units, or which is part of a group of residential condominiums which will be served by property to be used in common by unit owners of more than 20 residential units, shall prepare a prospectus or offering circular and file it with the Division of Florida Condominiums, Timeshares, and Mobile Homes prior to entering into an enforceable contract of purchase and sale of any unit or lease of a unit for more than 5 years and shall furnish a copy of the prospectus or offering circular to each buyer. In addition to the prospectus or offering circular, each buyer shall be furnished a separate page entitled “Frequently Asked Questions and Answers,” which shall be in accordance with a format approved by the division and a copy of the financial information required by s. 718.111. This page shall, in readable language, inform prospective purchasers regarding their voting rights and unit use restrictions, including restrictions on the leasing of a unit; shall indicate whether and in what amount the unit owners or the association is obligated to pay rent or land use fees for recreational or other commonly used facilities; shall contain a statement identifying that amount of assessment which, pursuant to the budget, would be levied upon each unit type, exclusive of any special assessments, and which shall further identify the basis upon which assessments are levied, whether monthly, quarterly, or otherwise; shall state and identify any court cases in which the association is currently a party of record in which the association may face liability in excess of $100,000; and which shall further state whether membership in a recreational facilities association is mandatory, and if so, shall identify the fees currently charged per unit type.

Florida Department of Business & Professional Regulation (DBPR)

The Florida Department of Business & Professional Regulation (http://www.myfloridalicense.com/dbpr/) has created a standard Condominium Frequently Asked Question and Answers form which can be viewed here.

Century Village Associations

Some associations have shared their versions of the Frequently Asked Question form to help you get started. The first and third use the DBPR form, the second used their own format.

Click here to view the first example.

Click here to view the second example.

Click here to view the third example.