Buying a Resale Condo - The Three Day Review of Condominium Documents
If you're considering buying a condominium in Bonita Springs or anywhere in the State of Florida you need to know about the three day review of condominium documents. After you write a contract and it is executed [it is accepted and signed by all parties] the seller or seller's agent will have delivered to you documents for your review. Typically, these documents will include:
- A set of the Condominium Association Documents & Bylaws.
- A copy of the Condominium Association Budget.
- A list of frequently asked questions - The FAQ's.
- A list of Rules and Regulations.
- A copy of the Application to Join the Condominium Association.
Buyers are afforded three days to review the documents to make sure this is the community for them and they are satisfied that the community is financially sound and offers the ease of use while living there [to fit their lifestyle]. The condominium documents itemize and list important factors about the association and it's restrictions that can affect a buyer and their use of the common areas. A few important rules (which are only examples for the sake of this article) may include:
- Pet restriction - No dogs over 40 lbs or a limit of 2 dogs.
- No motorcycles.
- No commercial vehicles allowed overnight.
- Maximum of 3 leases per year
- Deed restricted age requirements 55+ Active Adult
- For sale or for rent, real estate signs are not permitted
If the documents were to reveal a bylaw or rule that a buyer would deem to be a reason not to live in that association he may then cancel the contract, within three days of receipt of documents and have his deposit returned with no penalty. Naturally, strict timeframes are to be followed to be able to exercise this option.
What do you do if you are a buyer and you aren't clear on a particular rule in the documents? Call the property management company. The property management company can often answer questions quickly and also show you where to looking within the association bylaws handbook to quickly find what you're looking for. In addition, the homeowner association can also put a buyer in contact with the board president and the officers of the association should you have pointed questions about the neighborhood, atmosphere and attitude of the community or schedule of the next association meetings.
Condominium documents and homeowner association documents for most Bonita Springs associations are recorded at the Lee County Clerks Office and accessible online at www.LeeClerk.org.