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Old 09-06-2012, 07:13 PM
 
Location: Sarasota/ Bradenton - University Pkwy area
3,906 posts, read 5,849,716 times
Reputation: 4346

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To clarify a little further....

The buyer of a condominium unit from an individual is entitled to receive copies of certain governing documents at the seller's expense, if the buyer so requests in writing.

The condo addendum to the purchase contract offers 2 selections regarding condo docs:

(1) buyer acknowledges they have been provided a current copy of the condo docs more than 3 days prior to execution of the contract (in which case your review period has already taken place) or

(2) This agreement is voidable by buyer by delivering written notice of the buyer's intention to cancel within 3 days (excluding Saturdays, Sundays and legal holidays) after the contract was executed by the buyer AND the buyer has received a current copy of the declaration of condominium, articles of incorporation, bylaws, and rules of the association, a copy of the most recent year-end financial report and frequently asked questions and answers document, and a copy of the condominium governance form prepared by the Division of Florida Condominiums, Timeshares and Mobile Homes.


When making an offer on a condominium, you want to make sure the Condominium Association addendum gets attached to your offer AND the correct boxes get marked.

It is definitely to a buyer's advantage to read through the contract and addendums carefully before signing an offer.

The time to discover what you are agreeing to is BEFORE your offer is accepted, not after.



I would also add one other item that is relevant to buying distress sale condos, ie short sales or REOs (bank owned) in today's market. Delinquent condominium fees.

Under FL Statute 718.116 Assessments; liability; lien and priority; interest; collection.—
(1)(a) A unit owner, regardless of how his or her title has been acquired, including by purchase at a foreclosure sale or by deed in lieu of foreclosure, is liable for all assessments which come due while he or she is the unit owner. Additionally, a unit owner is jointly and severally liable with the previous owner for all unpaid assessments that came due up to the time of transfer of title. This liability is without prejudice to any right the owner may have to recover from the previous owner the amounts paid by the owner.
and
(b)1. The liability of a first mortgagee or its successor or assignees who acquire title to a unit by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due before the mortgagee’s acquisition of title is limited to the lesser of: a. The unit’s unpaid common expenses and regular periodic assessments which accrued or came due during the 12 months immediately preceding the acquisition of title and for which payment in full has not been received by the association; or
b. One percent of the original mortgage debt. The provisions of this paragraph apply only if the first mortgagee joined the association as a defendant in the foreclosure action.





So under this statute banks who foreclose would most likely be responsible for 12 months of past due condo fees.

What is now happening is that various condo associations in FL, through their attorneys, are contesting the restrictions on the amount of past due fees they can collect and are applying additional legal and other fees to the Estoppel letters, sometimes excessive fees.. (In order to obtain title that is free of any lien or encumbrance from the association, a third party purchaser will request a payoff amount also known as an Estoppel.)


In some situations, and I know of 2 popular condo associations locally (1 in Palmer Ranch, 1 in Lakewood Ranch) that are doing this, the condo associations are demanding via the Estoppel letters the full amount of all delinquent fees, legal fees and other expenses for the condo vs the state statute maximum of 1 year's worth on some of the REO condos. They are literally saying pay it or take us to court. So the bank ends up canceling the sales contract and takes the condo off the market just days before the scheduled closing in order to file litigation against the condo association and their legal representation.


This one year limit does NOT apply to short sales. If you are thinking of buying a condo that is a short sale, always ask up front if the seller is delinquent on the maintenance fees and if so, how much. If they are more than 3 months delinquent, there may also be legal fees in addition to the late penalties.
You'll want to factor this information into any offers you make as the condo association will expect someone to pay those past due fees at closing -- and guess who will most likely be responsible for those fees?
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Old 09-11-2012, 06:01 PM
 
43 posts, read 57,185 times
Reputation: 16
Wow thanks one and all for the respones. Sorry I've been asking in other forums about job potentials, so I haven't had much time to return here. List below is my degree description, and classes I've taken. Please read through it, and let me know if you think I could find something here. Thanks again for the replies!!!

Associate in Applied Arts and Sciences

The Computer applications Technology program trains technicians for employment in business,industry,research and education. The purpose of the program is to equip

people to select,install,use,and help others to use computer system in any enviroment. Thus, it concentrates on the uses of computers in several different contexts. Among

these are business,telecommunications,graphic arts and education. Students in this program will study database applications, programming logic and telecommunications.

This curriculum can serve as a springboard into the computer prgrammer and computer systems analyst fields.


BA 101 BUSINESS AND TECHNICAL , ENGLISH, EN 100 COLLEGE WRITING, EN 101 ENGLISH COMPOSITION 1, CO 101 INTRODUCTION TO ,COMPUTER APPLICATIONS, CO 105

WINDOWS OPERATING SYSTEM, CO 110 INTRODUCTION TO, COMPUTER INFORMATION SYSTEMS, CO 116 INTRODUCTION TO PROGRAMMING, PS 110 SURVEY OF AMERICAN

GOVERNMENT. SECOND SEMESTER BA 102 BUSINESS AND TECHNICAL ENGLISH, EN 102 ENGLISH COMPOSITION 2, BA 256 PRINCIPLES OF ACCOUNTING 1, CO 146 WEB

DESIGN FUNDAMENTALS, CO 155 WORD, CO 230 INTRODUCTION TO TELECOMMUNICATIONS. SECOND YEAR THIRD SEMESTER BA 103 INTRODUCTION TO BUSINESS, CO 120

USING GRAPHIC SOFTWARE, CO 152 PHOTOSHOP, CO 156 EXCEL, CO 162 INTRODUCTION TO DESKTOP PUBLISHING, CO 224 INTRO TO SYSTEMS ANALYSIS. FOURTH

SEMESTER BA 201 BUSINESS COMMUNICATIONS, COM 135 INTERPERSONAL COMMUICATION, BA 283 BUSINESS MANAGEMENT, CO 140 MICROSOFT POWERPOINT, CO 145

USING THE INTERNET, CO 170 INTRODUCTION, CO 233 LOCAL AREA NETWORKING.

Last edited by mike_316; 09-11-2012 at 06:10 PM..
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Old 09-27-2012, 06:38 AM
 
14 posts, read 22,253 times
Reputation: 11
Mike,

I am surprised no one mentioned Lakewood Ranch, albeit probably because it is not exactly a tech "mecca". But there are definately more technology oriented firms in that area than anywhere else close to Sarasota and Tampa. Several more firms setting up shop in the LWR Business Park.
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Old 10-28-2012, 08:54 PM
 
Location: Florida and CT
638 posts, read 1,345,321 times
Reputation: 344
I would put finding a job you like first, then worry about finding a town you like. There are some desirable areas in or near almost every city, and personally, I'd never sign up for a long commute in this state. I had a friend who made that mistake; she moved to Florida, bought too quickly and got stuck driving an hour each way to work. You'll have no life during snowbird season.

For instance, I would never choose Sarasota or Bradenton if I were working in Tampa. I'd pick St. Pete or a nice neighborhood in or near Tampa, and try to keep my commute to 10 or 15 miles or less one way. Just my personal opinion.
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