Miami Beach, Florida, Condominiums Ownership Information

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.

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.

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.