You found the perfect condo that you would like to live in. Before you can move forward with the purchase, you’re handed a stack of legal papers and are given 3 days to review them and determine if it’s worth moving forward or not. If you’re unfamiliar with condominium law in Fort Walton Beach, this stack of papers is going to seem daunting. Here are a few things that the papers may contain that you should know about:
Each condo belongs to an association, like the Homeowner’s Association, that many single family houses belong to. When you purchase your condo, you’ll become a part of the association. You’ll want to know who the board is and how the board was chosen. You may want to attend meetings so you know what changes are being made and what important information is being discussed. You should also learn about the voting process and how you can get involved. It’s important to have a good grasp of the association since they will be making important decisions regarding you, your home, and the dues that you’ll pay.
Many associations will require you to purchase insurance. You need to know what kind of insurance you’ll be expected to get, if any. If you don’t get insurance right away, you could end up having to pay exuberant fines until you remedy the error. Make sure that you know what’s expected and what you will have to pay until you can get the proper insurance.
The association will govern the rules and regulations involving your pets. If you have a pet or hope to get one before too long, you should make sure that you can have a pet in your condo. There may be guidelines as to the number of pets that you can have, the weight limit or size of the pet that you can have, and the breeds that you can get.
Once you have a pet, you should be informed as to the rules that you need to follow. Where can your dog go? Does it have to be on a leash at all times? You will be held to these rules and can be charged if you disobey them, so make sure that you know what they are and agree with them.
If you plan on renting out your condo, you should make sure that you’ll be allowed to do this. You should also check for information about how to lease the condo and what your tenants will need to follow to abide by the rules of the association.
Will your association fees be a one-time payment or will you need to pay them every month? How much will you need to pay? What will be included in the fees? The fees will typically cover exterior maintenance and other things that will benefit the community. You may want to ask for a list of things that will be included in your fees.
If you want to make changes to the association rules, you should learn about the process of getting those changes done. Make sure that you understand the process that will be taken and the likelihood of getting the results that you want.
With the various association information and condominium laws in Fort Walton Beach, it would be wise to have an attorney who specializes in this type of law to help you. He or she can explain any information that you’re unclear about to help you make your decision. With only 3 days to decide whether you want to purchase your condo or not, an attorney will be helpful to assist you with making the best decision for you and your family.