Singer Island Real Estate, Singer Island Condos | The McAdams Team

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Buyers FAQ

MOST FREQUENTLY ASKED QUESTIONS AND ANSWERS FOR CONDO BUYERS:

Q: How much are my assessments to the condominium association for my unit type and when are they due?buyers FAQs - McAdams singer island

A: The percentage of ownership in the common elements and common surplus appurtenant to each unit is set forth in the Declaration of Condominium. All units share common expenses based upon this percentage share.

 

Q: What does my monthly/quarterly assessment fees cover?

A: These fees cover everything, including a master insurance policy on the building and grounds.  You will be responsible for your phone, electricity and home owner’s insurance. The homeowners insurance is required by Florida Statute!

 

Q: How much will my taxes be?

A: For your budgeting purposes, we recommend you figure 2% of the sale price of the property you plan to purchase. Your agreement will contain a “PROPERTY TAX DISCLOSURE SUMMARY” clause: “BUYER SHOULD NOT RELY ON THE SELLER’S CURRENT PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER’S OFFICE FOR INFORMATION.” http://www.co.palm-beach.fl.us/papa/Index.htm

 

Q: What are my voting rights in the condominium association?

A. Each apartment unit is entitled to one (1) vote in the affairs of the condominium. The Bylaws provides that, if a condominium unit owner owns more than one unit, he shall be entitled to one vote for each unit owned. The vote of a condominium unit shall not be divisible. Additionally, the Bylaws require the owners of any apartment owned by more than one person or by a corporation to designate by written certificate who shall be the authorized voting representative for the apartment. If the unit is owned by a husband and wife, the following conditions apply: (a) They may, but they shall not be required to, designate a Voting Member. (b) If they do not designate a Voting Member, and if both are present at a meeting and are unable to concur in their decision upon any subject requiring a vote, they shall lose their right to vote on that subject at that meeting. The vote of a unit is not divisible. (c) Where they do not designate a Voting Member, and only one is present at a meeting, the person present may cast the unit vote, just as though he or she owned the unit individually, and without establishing the concurrence of the absent person.

 

Q: What restrictions exist in the condominium documents on my right to use my unit?

A: The Declaration of Condominium provides use restrictions concerning use of units. In addition, there are rules and regulations which govern use of units, and a copy of the current rules and regulations as attached hereto for reference.

 

Q: What restrictions exist in the condominium documents on the leasing of my unit?

A: The Declaration of Condominium (the “Declaration”) provides that rentals must be approved by the Board of Directors. The Rules and Regulations require a non-refundable processing fee of $100.00, depending on the specific development. Additionally, the Declaration of Condominium provides that a unit owner seeking to rent his or her unit must obtain the approval of the Board of Directors. The Association has a right of first refusal to lease the unit and may designate a tenant if the prospective tenant is rejected. Additionally, the Declaration provides that the Association has the right to require, as a condition to permitting the leasing of a unit, a security deposit not to exceed the equivalent of one month’s rent or such other amount allowable by law.

 

Q: Do I have to be a member in any other association? If so, what is the name of the association and what are my voting rights in this association?

A: You should contact the manager or the management company of the development you are considering for your new home.

 

Q: Am I required to pay rent or land use fees for recreational or other commonly used facilities? If so, how much am I obligated to pay annually?

A: Most do not; however, you should contact the manager or the management company of the development you are considering for your new home.

 

Q: Is the condominium association or other mandatory membership association involved in any court cases in which it may face liability in excess of $100,000? If so, identify each such case.

A: You should contact the manager or the management company of the development you are considering for your new home.

 

Q: What is Homesteading and how does it work?

A: Click here to learn more about Homesteading in Florida

 

Q: What does “Right of Rescission” mean when I purchase a condominium in Florida?

A: Your agreement will have the following clause within it to protect you: “THIS AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE BUYER AND RECEIPT BY BUYER OF ACURRENT COPY OF THE DECLARATION OF CONDOMINIUM, ARTICLES OF INCORPORATION, BYLAWS 3 AND RULES OF THE ASSOCIATION, AND A COPY OF THE MOST RECENT YEAREND FINANCIALINFORMATION AND FREQUENTLY ASKED QUESTIONS AND ANSWERS DOCUMENT IF SO REQUESTEDIN WRITING. ANY PURPORTED WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO EFFECT.”DISCLAIMER: THE STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN NATURE.YOU SHOULD REFER TO ALL REFERENCES, EXHIBITS HERETO, THE SALES CONTRACT, ANDTHE CONDOMINIUM DOCUMENTS FOR THE DEVELOPMENT OF YOUR INTEREST.