CONDOMINIUMS:

Florida Law gives the purchaser of a condominium unit the right to cancel the purchase agreement and obtain a full refund of any deposits within fifteen (15) days of receipt of the condominium documents from the seller. Do not neglect to do this, as failure to do so will give a reluctant buyer an escape clause right up to the closing day.
In addition to the requirements for the purchase of real property generally, the buyer of a condominium must get a certificate of approval from the condominium association. This generally involves filling out an application for consent to transfer and appearing before the Board of Directors for a personal interview. The Board of Directors will then issue a Certificate of Approval, which must be recorded in the public records along with the Deed in order for the purchaser of a condominium to obtain title to the condominium unit. Increasingly, however, condominium associations have enacted extremely restrictive requirements obstensively to protect them from purchasers being unable to pay their assessments. Restrictions to look out for are limits on the amount of the buyer's mortgage, payments of assessments a year in advance, and extensive financial documentation. Your real estate attorney can assist you in complying with such requirements and in determining if the requirements imposed on
you are in fact legal. [..cont..]