Here's a quick and dirty summary of the new estoppel certificate laws for Condominiums and HomeOwner Associations. Estoppel certificates used to be referred to as 'estoppel letters.' Associations need to be complying with these detailed new requirements, there can be serious penalties for failure to do so.
Florida's tag as the Sunshine State positively influences individuals and businesses thinking of relocating. Many people choose homes in community associations, whether condominium, cooperative or homeowner associations.
If you own a condo unit, you are required to pay certain fees, called assessments. It is important for you to understand that your condo association or community association has a lien on your unit in order to secure the payment of fees.
Limited common elements in community associations are defined by Florida Statutes as those common elements which are reserved for the use of a certain unit or units to the exclusion of all other units. These limited common elements are set forth in the declaration of condominium. Generally, the owner of a condo unit that enjoys use of such limited common element must pay assessments related to that limited common element.
The board of administration - also known as the board of directors - for a condo or community association is the group of elected individuals who are responsible for the administration, management, and operation of the condominium association. The powers and duties of the board of administration are set forth in the condominium documents, namely the bylaws and the Rules, as well as CH 718 FL ST. Other powers and duties may be defined in Florida's laws on corporations and not for profit corporations.