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A. In Florida, condominium buyers are entitled to receive specific documents that detail the condominium's governing structure, financial status, and regulations. The requirements differ depending on whether the seller is a developer or a non-developer (resale).

Purchasing from a Developer:

Developers are mandated to provide prospective buyers with a comprehensive set of condominium documents. Upon signing a purchase agreement and receiving these documents, buyers have a 15-day period during which they can cancel the purchase without penalty. This allows buyers ample time to thoroughly review the materials before finalizing their decision.

Purchasing a Resale Unit (Non-Developer Seller):

For resale condominium units, the seller is required to furnish the buyer, upon written request, with the following documents:

- Declaration of Condominium

- Articles of Incorporation of the Association

- Bylaws and Rules of the Association

- Most Recent Year-End Financial Information

- Frequently Asked Questions and Answers Document

- Condominium Governance Form

Once the buyer receives these documents, they have a three-business-day period (excluding weekends and legal holidays) to review them. During this time, the buyer can cancel the contract without penalty. It's important to note that this three-day right of rescission is activated only after the buyer has received all the required documents. Therefore, it's in the seller's best interest to provide these documents promptly to avoid delays in the transaction process.

Key Considerations:

- Timeliness: Providing the necessary documents promptly ensures that the buyer's review period begins without unnecessary delays, facilitating a smoother transaction.

- Accuracy: Ensuring that all documents are current and complete is crucial. Missing or outdated documents can extend the buyer's right to cancel, potentially jeopardizing the sale.

- Acknowledgment: Sellers should obtain a signed receipt from the buyer confirming the delivery of all required documents. This acknowledgment helps establish that the buyer has received the necessary materials, thereby initiating the review period.

By adhering to these guidelines, both buyers and sellers can navigate the condominium purchase process more effectively, ensuring transparency and compliance with Florida law.

A. Financing a Florida condominium can sometimes be more challenging than financing a single-family home due to specific requirements and regulations. These challenges largely depend on the type of condominium, the financial and structural condition of the building, and whether the buyer qualifies for the loan program. Here's what you should know:

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### 1. Lender Requirements

Lenders often have stricter requirements for condominiums compared to single-family homes because the financial health of the condominium association and the condition of the property significantly impact risk.

- Condo Association Financial Health: Lenders review the association's budget, reserves, and delinquency rates. If more than 15% of unit owners are behind on dues, or if the reserves are inadequate, the condo may be ineligible for traditional financing.

- Litigation Issues: If the condominium association is involved in legal disputes, especially construction defect lawsuits, it can disqualify the property for financing.

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### 2. Loan Program Considerations

The type of loan program affects the ease of financing:

- Fannie Mae/Freddie Mac (Conventional Loans):

- Condos must be on the lender's approved list or meet specific guidelines.

- The condo association must carry adequate insurance, including hazard and liability coverage.

- The building must be predominantly residential, with no more than 25% of the space used for commercial purposes.

- FHA Loans:

- The condominium must be FHA-approved.

- The FHA has stricter requirements for reserve funds and owner-occupancy rates (at least 50% of units must be owner-occupied).

- VA Loans:

- Condos must be VA-approved, and approval lists can be limited.

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### 3. Special Considerations for Florida Condominiums

Florida has unique challenges due to its climate, location, and recent regulations.

- Structural Inspections and Insurance: In response to recent structural collapses (e.g., Surfside), lenders may require additional documentation about the building's structural integrity, especially for older buildings.

- Hurricane and Flood Zones: Lenders might require higher insurance coverage for properties in hurricane-prone or flood zones, increasing the cost of ownership.

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### 4. Condo Type and Use

- Primary Residence vs. Investment Property: Financing may be easier for a primary residence. Condos intended for short-term rentals or vacation use may have stricter requirements or require non-conventional financing.

- Warrantable vs. Non-Warrantable Condos:

- Warrantable Condos: Meet guidelines for conventional financing (e.g., proper reserves, owner-occupancy rate).

- Non-Warrantable Condos: Don't meet these guidelines, requiring specialized loans with higher interest rates.

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### 5. Tips for Buyers

- Do Your Homework: Research the condo association's financial health and ensure it meets lending requirements.

- Work with Experts: Partner with a lender experienced in condominium financing and a real estate agent familiar with local condo markets.

- Check Approval Lists: If you’re using FHA or VA loans, verify the condo is on the approved list before making an offer.

- Be Prepared for Higher Costs: Budget for potential higher interest rates or down payment requirements, particularly for non-warrantable condos.

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While financing a Florida condominium may have its challenges, thorough research, choosing the right lender, and understanding the property’s financial and physical condition can help mitigate potential difficulties.

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