Condominium Living In South Florida
Condominium Living South Florida and what is it like? Are you considering living in a Condominium but not sure if it is the right living arrangement ? We hope to bring you with this article some inside information to make an educated decision on Condominium Living South Florida.
What is a Condominium?
Let us first define the term Condominium. If you buy a Condominium you buy a form of real property ownership. A individual owns a unit exclusively and owns the common elements jointly with other unit owners of a Condominium. In a Condominium, an individual unit owner owns the unit from the inside from wall to wall of their individual unit.
In a Condominium, you will live in close approximation to your neighbors and live by the set Rules and Regulations.
Condominiums Common Elements
The common elements in a Condominium are those portion of the Condominium which is not included in the unit and are owned by all unit owners. The common elements of a Condominium is a shared ownership with all Condominium unit owners in an undivided manner. Most commonly this is the structure of the building(s) including the roof, walls, hallways, recreation facilities and all elements as defined in the individual Condominiums declaration. To each Condominium units are common elements attached to and are transferred with the sale of a unit. A deed, therefore, is conveyed on a unit together with a proportionate ownership interest in the common elements to a purchaser of the unit.
Condominium Shapes and Sizes
Condominiums come in different forms, shapes and sizes. Many who think about Condominium Living South Florida associate a “Condo” with our Florida high-rise buildings throughout the cities. But there are other forms and shapes of Condominiums. Condominiums are created at the time of the construction or later are converted from an existing building into Condominiums. A conversion can also include existing apartments, townhomes, and even hotels/ motels units.
It is important before you purchase a Condominium unit to familiar your selves with the concepts of Condominium ownership. Each Condominium has individual Condominium declaration, Condominium documents, Condominium by-laws and the Condominiums rules and regulations. This should be handed to a prospect buyer for their review. Read these documents thoroughly before you purchase a Condominium unit, and note the cancellation period depending from who you buy a unit. In addition, Condominiums are covered by Florida law and are regulated through the Florida Statute 718, the Florida Condominium Act.
If you need help when buying or selling your Condominium in South Florida send me a note we are familiar with the procedure and do this every day. Look for our other articles in the next coming days where we will cover Condominium declaration, by-laws, rules and regulation and what you should know about them.