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Old 05-16-2007, 09:56 AM
 
Location: So. Dak.
13,495 posts, read 37,319,868 times
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Does anyone know what the term "deed restrictions" means? It's in reference to a condo. Also, what type of insurance do you get to cover a condo? I realize that the building itself is covered in the Assoc. fees, but what about your own investment in the condo itself? Do you get homeowner's insurance?
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Old 05-16-2007, 10:33 AM
 
Location: Florida
4,892 posts, read 14,081,890 times
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Quote:
Originally Posted by Jammie View Post
Does anyone know what the term "deed restrictions" means? It's in reference to a condo. Also, what type of insurance do you get to cover a condo? I realize that the building itself is covered in the Assoc. fees, but what about your own investment in the condo itself? Do you get homeowner's insurance?
Deed restrictions mean that you can't do certain things that you could do on a piece of property with out restrictions, i.e. in a deed restricted community you might not be able to leave your garage door open all day, nor would you be able to park a boat or camper in your driveway. If you do not abide by these restrictions, you will be fined by the association.

you are responsible for insuring everything inside the condo which exists withint the confines of the walls. Yes, you get homeowner's insurance, wind & storm.
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Old 05-16-2007, 11:04 AM
 
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Deed restrictions are a big thing in Florida. Be sure you know what you are getting into, some can be extremely restrictive: "Thou shalt not park your car on the driveway"

We backed out of a contract after learning the details of an extremely rstrictive deeds. But sometimes they can be good - for example you can only rent the property for a minimum of 6 months - that reduces the turnover in the neighborhood - you know you won't be living beside vacationers. However that would be a bad thing if you were looking to rent to vacationers; it all depeds on your needs.
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Old 05-16-2007, 11:18 AM
 
Location: Jax
8,200 posts, read 35,337,293 times
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Quote:
Originally Posted by Jammie View Post
Does anyone know what the term "deed restrictions" means? It's in reference to a condo. Also, what type of insurance do you get to cover a condo? I realize that the building itself is covered in the Assoc. fees, but what about your own investment in the condo itself? Do you get homeowner's insurance?
If a home or a condo has a Homeowner's Association, they would also have deed restrictions. For homes, this can affect how many pets you're allowed to have, how many people can live in your home, what kind of fence, shed, additions, you have to keep your lawn up, etc.

It's not all bad, most of the requirements are reasonable. The idea is that it will preserve the neighborhood to its' original intent and thereby preserve property values.

Whether the HOA & Deed Restrictions actually do preserve property values is questionable......very questionable.

But, if you want a new or newer home or condo in Florida, you'll more than likely be stuck with some deed restrictions.
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Old 05-16-2007, 11:25 AM
 
Location: Heartland Florida
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In Miami-Dade county the zoning is so restrictive that deed restrictions seem unneccesary. Too bad that much of the county is a dump though! I would never, ever buy or build on any property with deed restrictions, and if I have my preference, no zoning either. It's not worth dealing with Fascists!
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Old 05-16-2007, 11:28 AM
 
Location: So. Dak.
13,495 posts, read 37,319,868 times
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OK I understand now. It does say that you can only rent it out for three months of the year so that's probably a big part of the "deed restrictions". So do you get the info about the restrictions from the realtor or the association itself?

And about insurance~I'm guessing that condo insurance would be very reasonable compared to a house. Is that correct?
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Old 05-16-2007, 11:31 AM
 
Location: Sunny Naples Florida :)
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most places you go to live in Fla are going to have some kind of deed restrictions. Gated communites, condo's apartments etc you can bet on it. My grandmothers condo does not let you own a truck. You can't park it there, neighborhoods might make everyone have the same kind of mail box or require a lamp post at the end of the drive way.. Some won't let you park trucks, boats, campers in the drive way, will not allow basketball hoops installed childrens bikes , toys etc cannot be left out. There are a lot of restrictions so make sure you know what you are getting into and read the fine print.. Pretty much deed restricted places are for those who like to be told how to live..
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Old 05-16-2007, 11:40 AM
 
55 posts, read 285,786 times
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Quote:
Originally Posted by Jammie View Post
OK I understand now. It does say that you can only rent it out for three months of the year so that's probably a big part of the "deed restrictions". So do you get the info about the restrictions from the realtor or the association itself?

And about insurance~I'm guessing that condo insurance would be very reasonable compared to a house. Is that correct?
Insurance works out better in a condo. You are covered usually by the condo fees, which covers the structure. You will want to buy insurance for contents and if in flood-zone you will have to get flood insurance.
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Old 05-16-2007, 11:57 AM
 
Location: So. Dak.
13,495 posts, read 37,319,868 times
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Originally Posted by killaloe View Post
Insurance works out better in a condo. You are covered usually by the condo fees, which covers the structure. You will want to buy insurance for contents and if in flood-zone you will have to get flood insurance.
So are you saying that your own investment is covered by the condo fees? I'm still wondering if you don't have to have your own homeowner's policy in order to protect your investment.
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Old 05-16-2007, 12:13 PM
 
55 posts, read 285,786 times
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Quote:
Originally Posted by Jammie View Post
So are you saying that your own investment is covered by the condo fees? I'm still wondering if you don't have to have your own homeowner's policy in order to protect your investment.
The association's insurance generally covers the cost of replacing the units, this is aprt of the condo fees you pay.
The homeowners' policy you buy in addition to this will cover the contents. You may also need additional flood insurance which is not usually included in the association's fees. But you should get clarification on this (and deed restrictions) from the association.
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