Buyers of condos in South Florida need to understand that the condos they are buying may have to go through an approval process as part of their purchasing Process.
Norman Fisher, a Loan Consultant with LoanDepot, deals with this approval process on behalf of borrowers.
The following is a list of condos that have been approved for financing:
Condo Association Budgets in Florida are governed by Chapter 718 of the Florida Statutes.
The first question that we are often asked is are there any rules or regulations governing Condominium Associations and their budgets? The answer is YES, and the law is Chapter 718 of the Florida Statutes, and it is very specific as it relates to budgets, and the process in which budgets are developed, which items need to be accounted for, what reserves are required, and even what to do if budget increases are necessary.
These are the requirements by Statute:
(f) Annual budget.—
1. The proposed annual budget of estimated revenues and expenses must be detailed and must show the amounts budgeted by accounts and expense…
