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Condominiums’ Rights to Approve Transfers (FL)

A condominium association’s right to approve sales or leases is almost mythical. Most people believe associations have an inherent right to approve sales or leases, but that is not the case. Authority to approve sales or leases must be provided in the declaration of the condominium. Section 718.104 (5) Florida Statutes provides that a declaration of condominium, as originally recorded or as amended, may include restrictions concerning use, occupancy and transfer of units.    Read the 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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