State Law in Florida Provides for a 3 Day Condominium Document Review
By state law, Florida has a 3 day review period for condo purchasers. A “condo” might be a condominium, a townhome, carriage home or other attached unit or even a detached single family home.
One you have chosen the condo you want to purchase and have the condo under contract (all parties have agreed to and signed all contract terms), the seller is obligated to provide the buyer will all condominium associated documents. The 3 day review period starts upon receipt of those documents.
The “condo docs” as they are called in short hand include, but are not limited to:
- Association financials: the operating budget, reserves, and unit owner fees
- Association by-laws and articles of incorporation, including how the association is governed, managed, and voting rights of the unit owners
- The rules and regulations, for example:
- If leasing is allowed and under what terms (for example, rentals allowed 12 times per year)
- If pets are allowed and what restrictions if applicable (size, number, restricted breeds)
- If any vehicles are not allowed (e.g., some communities do not allow commercial vehicles, trucks, or motorcycles)
- Most associations have a quiet enjoyment provision, regulating noise in units or common areas and regulating operating hours of common areas so as to not disturb residents (for example, the community pool closes at dusk).
- A one page Q & A sheet that answers FAQs such as what constitutes association membership, key rules such as leasing restrictions, and whether or not there is pending litigation against the community (while this is rare, there are sometimes disputes against the original developer or association management).
During the 3 day review period, buyers are encouraged to contact the property management personnel with any and all questions and be completely satisfied with the association finances, unit owner fees, and governing procedures.
If during the 3 day review period the buyer discovers something in the condo docs that is objectionable (e.g., trucks not allowed), the buyer may cancel the agreement and be refunded the earnest money deposit made at time of contract.