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Can Owners Stop the Turnover of a Homeowners’ Association? (FL)

In a newly developed community, transitioning control of the association from the developer to the owners is often an anxiously anticipated – and some might say, dreaded – event. Pursuant to Section 720.307, Florida Statutes, transition of control of a homeowners’ association – when members other than the developer are entitled to elect at least a majority of the members of the board of directors of the association – occurs when the earlier of six different events listed in the statute occurs.   Read the entire article……………………………….

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Rates posted assumes 25% down payment, and an ARM rate first mortgage on a Florida condotel, primary residence. Additional required amounts such as taxes, insurance, home owner association dues, assessments, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. **Posted APR is based on Mortgage Assumptions
 
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