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Neither board members nor officers must be unit owners, unless required by governing documents (FL)

Q: Within 2 weeks of our recent elections, the newly elected president finalized the sale of his condominium and moved to the west coast, making him a non-owner. He was then appointed the secretary-treasurer by the majority vote of the board. Our condo association in the last 50 years since its inception has always had an owner (not necessarily living in the community) serving on the board to do our condominium business.   Read the Q&A……………………………………….

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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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