Tampa Bay Condos Florida Disclosure

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CONDOMINIUM ACT (CH 718, F.S.)
The Florida Condominium Act prescribes the process by which condominiums are created, marketed, and operated. It defines common elements, describes the maintenance and assessment of common expenses, and requires full disclosure of information before the sale of the property. Strong controls govern advance payments and deposits. Developers must warrant the improvements for three years after completion of construction.

For residential condominiums established after April 1, 1992, each unit's share of common elements maintenance must be related to the unit's total square footage or on an equal fractional basis.

Buyers may rescind a purchase contract within 15 days for a new condominium, or three business days for a resale unit. The time period begins when the buyer signs the contract or is given the required condominium documents, whichever is later.

The required documents include the declaration of condominiums, articles of incorporation, bylaws, rules of the association, and a copy of the most recent year-end financial statement.

The 2004 Florida legislature made many changes to Chapter 718, F.S. Among other things:
The requirement that sellers provide a copy of the condominium association's "Question and Answer Sheet" was reinstated, effective October 1, 2004.

A mandate that any amendment to the condominium association's bylaws of that restricts a unit owner's rights relating to the rental of units applies only to those unit owners who consent to the amendment and unit owners who purchase their units after the effective date of that amendment. This was a response to court decisions allowing associations to restrict rentals by majority vote.

A high-rise condominium exemption from installing sprinklers, if three-fifths of the owners vote for the exemption.

Effective January 1, 2005, before the buyer signs a contract to purchase, Florida real estate licensees must give a property tax disclosure that includes the following wording:
PROPERTY TAX DISCLOSURE SUMMARY

BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION.