Miami Beach, Florida, Condominiums Ownership Information

What is condominium ownership?

The Dictionary of Finance and Investment Terms (NY, 1991) defines CONDOMINIUM as follows: "Form of real estate ownership in which individual residents hold a deed and title to their houses or apartments and pay a maintenance fee for the upkeep of common property such as grounds, lobbies, and elevators as well as for other amenities. Condominium owners pay real estate taxes on their units and can sublet or sell as they wish."

This may or may not be entirely true in any particular case. The majority of homeowners' associations in Florida are organized as not-for-profit corporations which have by-laws, rules and practices that may contradict the above definition. According to the Florida Condominium Act, a Condominium is "a form of joint ownership of real property comprised of three parts:

1- The exclusive ownership of a single unit;

2- The joint ownership, as tenants in common, of a percentage of the common elements;

3- The membership in the Condominium Association which manages and administers the common property."

Condominiums Associations have Board of Directors responsible for carrying out the duties and responsibilities of the Association. The Board often relies on the assistance of professional management, but is responsible for the operation of the Association.

Members of the Board are elected Directors for a period of one to four years. No election is necessary if the number of candidates equals the number of available positions, and there is usually at least five Directors. The Board of Directors makes the policies for the Association. These policies are carried out by officers appointed by the Board. There is no compensation paid to Directors and Officers.

Regular meetings are being conducted by the Board of Directors and Association Members have the right to attend and speak. Association Members also have the right to examine documents pertaining the the Association's business, except documents prepared by the Association's Attorney in regard to litigation, documents obtained in connection with a unit transaction, and medical records of unit owners.

Each Condominium Association is a different entity. Read all of the relevant documentation and agree with its content before you make a purchase decision.

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Why do you need a good broker?

The Buying Agent: This is a qualified professional that will simplify the process of buying a property while keeping your interest in mind. Among other things this real estate professional will assist you in establishing a fair buying price according to market conditions. He will search for the desired property at the desired price using multi listing services (MLS) and other contacts he may have in the industry. He will show you potentially interesting properties in line with your budget, negociate a buying price for you, make sure the property meets regulation requirements, and assist you in finalizing your purchase.

The Selling Agent: Similarly, this is also a qualified real estate professional that will simplify the process of selling your property while keeping your interest in mind. Among other things the real estate professional will assist you in setting a sale price corresponding to current market conditions. He will list your property with the relevant services (MLS) and do other form of advertisements. He will show your property to potential buyers, prequalify prospects, negociate the sale price, make sure regulation requirements are met, and assist you in closing the sale.

The Transaction Broker: The agent of a transaction broker is not a selling or buying agent per say but does a little of both. His main goal is to ensure a transaction goes smoothly between a buyer and a seller, without taking side. This real estate professional can represent both the buyer and the seller while being fair to either one. Mr. Claude Robidoux is such a professional.

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How do I know if I can qualify to buy a real estate property?

How much you can afford is one of the most important questions you need to answer before you start your search. Generally you can qualify for a mortgage that is about 3 times your annual gross salary. You must also take into consideration your down payment and other debt issues.

It is recommended that you do not spend more than 30 percent of your monthly gross income on mortgage payment, tax, insurance premiums, and utilities. For an annual gross income of $45 000.00 your monthly budget can be of $1 125.00.

You have to take into consideration your other debts like credit cards and car payments which should not bring your total to more than about 42 percent of gross income when added to your housing expenditures above. This means that on your $45 000 salary your other monthly installments should not total more than $350.

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Why should I call Claude Robidoux if I want to buy or sell a condominium in Sunny Isles, Miami Beach?

Mr. Robidoux is competent and has extensive knowledge in this particular sector of the industry for being involved several years with developers and partnerships converting rental properties into condominiums. He his very familiar with the neighborhoods in which he does business, and has knowledge of financing.

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Claude Robidoux, Agent
Murray Realties, Inc.
Tel: 305-932-8505 Fax: 305-936-8118
* All information provided is believed to be reliable but is not guaranteed and should be independently reviewed. The above does not constitute legal advice