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Is It a Limited Common Element? (FL)

Most condominium unit owners may think that limited common elements are those areas outside the condominium unit that are part of the common elements, but which are used only by a specific unit owner. However, the Florida Condominium Act defines “limited common elements” as “those common elements which are reserved for the use of a certain unit to the exclusion of all other units, as specified in the declaration.” (FS 718.103(19), emphasis added). Thus, the determination of whether a common element (i.e., any area not included within the unit boundaries) is a “limited common element” depends solely upon the designation set forth in the property’s declaration. Brown v Rice, 716 So.2d 807 (5th DCA 1998).     Read the article……………………………………

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Rates posted assumes 25% down payment, and an ARM and fixed rate first mortgage on a Florida condotel, secondary 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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