Condo Documents

Here we go again…our Florida real estate contracts call for the Buyer to receive:

  • Condo Documents
  • Current Financial Statement
  • Rules and Regulations 
  • Frequently Asked Questions and Answers

Of the last several condos I have sold, NO association or management company has hadQ&A the Frequently Asked Questions and Answers.  So…I call our Florida REALTORS Legal Counsel, Margy Grant and ask if we could take that off the contract as no association has that any more.  On the contrary, the Governance form that is in our forms system, has to be given to the Buyer by their REALTOR.  And, as I am told, according to 61B-23.002 of the Florida Administrative Code, each condo association must prepare and maintain a Frequently Asked Questions and Answers, called an FAQ Sheet.  To help the associations to do this, the DBPR has created a Form Co 6000-4, a fill in form that has 7 questions relating to owner voting rights, maintenance fees, etc.  I am told this form should be updated every 12 months . It should be made available to current owners and potential buyers, and it should be part of every associations official records.  I started out to erase this line from our contracts and now know it is and should be given to all prospective buyers of condos.  This is not a headbanger ( Thank Goodness) but now I have 4 owners out there that don’t have the Q and A. They received the Governance Form  from their REALTOR but no Q and A.

So pass this along to the REALTORS in your offices and make sure your condo associations know they have to comply.

Until Next Monday…

Monday Mornings With Matey

This entry was posted in 100 Years of Service, 2016 President, A Better You, Conversations, DBPR, Risk management and tagged , , , , , , . Bookmark the permalink.

One Response to Condo Documents

  1. SanibelSusan says:

    Years ago, there were a couple of small condo associations on Sanibel that were not aware of the state requirement. A little nudge in getting the first one prepared was all they needed. Though they don’t always have them ready each Jan 1, since many annual meetings are later in the winter, but they know Realtors need them. Some prepare a Buyers’ Packet which includes Rules & Regulations, latest financials (including reserve schedule), Q&A Sheet, & Application for Consent to Transfer form (or essentially all their documents that are not recorded). We can get the recorded ones electronically from public records. That system works great! Would be wonderful if all associations did the same.

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