Understanding Your Miami Condo Document
Governing Documents
Governing DocumentsWhen you buy a property in the city, like a Miami condo, the success of your purchase will basically depend on your review and acceptance of the governing documents. Simply put, the governing documents will clearly specify how you can use the property, including your unit and common areas.
First, there are the articles of incorporation, which will generally tell you that the buildings association, or any other homeowners association for that matter, is a not-for-profit entity. The second category of the governing documents is the declaration, which includes all your property rights. Lastly, the by-laws will clearly state how the Miami condos association operates on a daily basis. It is important to review these inclusions as well as any of the HOAs set of rules and regulations.
Review Duration
Florida has a law for new construction, which gives you, the condo buyer, fifteen days to review the contents of the governing documents. This duration will be likely included in your condominium disclosure along with information on your monthly fees, and detailed explanation of the common areas.
Upon receiving the governing documents, dont waste time and immediately give it the utmost priority. The 15-day duration can be short. While you can still write an offer for the unit, you might miss some important facts about the usage of the unit and rules and regulations that govern the entire building. It is also helpful to consult your attorney when reviewing the governing documents to give you a much better preview of what you can and cannot do while living in the unit.
If, however, youre buying a resale Miami condo, youre only given three days to review the governing documents. It is tremendously important to read and understand the contents of the documents before signing anything or completing the deal. You must have a clear idea of just what youre getting into once you own the unit.
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