This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condominium Bylaws Association With In Wayne
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State:
Multi-State
County:
Wayne
Control #:
US-00452
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Word;
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FAQ
In Florida, Homeowners Associations (HOA)s and inium Owners Associations (COA)s are not for profit corporations and therefore are governed partly by Florida Statutes Chapter 617 (the Not for Profit Act).
How they're different. Interestingly, a nonprofit organization can operate like a traditional C corporation, where the organization is a separate legal entity from the owner. By contrast, not-for-profit organizations are similar to general partnerships in that they enjoy no legal separation from the members involved.
The 2022 state condo law, known as SB-4D, and its 2023 follow-up, SB-154, establish three primary requirements: licensed inspections, reporting and disclosures, and reserve funds. Importantly, these laws are not tax legislation that directly increases housing costs on condo owners.
The Florida Department of Business and Professional Regulation's (DBPR) CTMH Division oversees five program areas: iniums, cooperatives, timeshares, mobile homes, and yacht and ship brokers and salespersons.
The Florida Department of Business and Professional Regulation's (DBPR) CTMH Division oversees five program areas: iniums, cooperatives, timeshares, mobile homes, and yacht and ship brokers and salespersons.
Both Chapter 720 and Chapter 617 govern homeowner associations and only if the two conflict, then Chapter 720 prevails. Chapter 617 even states in some sections the section does not apply to community associations (homeowner associations and condo associations).
HOAs manage communities of houses, while condo associations govern condo complexes where residents co-own common areas. Consider your preferences for community living and management involvement before choosing.