Understand condominium documents if you are buying or selling a condo.

Understand condominium documents if you are buying or selling a condo.

Are you planning to buy a condominium in South Florida? Here is what you need to know about condominium documents. Welcome to Real Estate Tips for South Florida.

The condo document may restrict regarding the pets rentals, the type of vehicles you can use, the noise, the requirements of the flooring inside your unit. Also the investor limits, and there are many things that can affect the purchase. When purchasing a condominium, a buyer is entitled to receive the condominium document at seller's expense, just after executing the contract. And this document includes  declaration of condominium, articles of incorporation, by-laws, and rules, a copy of the most recent year-end financial Information, frequently asked questions and answers document and Condominium Governance, the Summary of the Governance of condominiums.

The seller does not have a set time period to give the document to the buyer, but there is a condominium addendum where it states that if the buyer does not receive the document or when received the document, the buyer has 3 business days to go through the document. And if the buyer does not like any of the laws, the buyer may cancel the contract for the transaction. That means it is seller's best interest to give that document to the buyer as soon as possible and take a receipt of receiving a condominium document from the buyer.

Hopefully, this information gives you some insight on the condominium document. My name is Shawn Bhakta from Remax Presidential, South Florida Home Finder Team and I'm glad to help.

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