Define Condominium In Real Estate In Florida
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In Florida, there are a lot of pros to buying a condo - such as affordability, lower maintenance costs, and great amenities like a pool and clubhouse. There are also some disadvantages, like higher homeowners' association (HOA) fees and a potentially lower appreciation in value.
Under new state regulations, iniums must maintain financial reserves for major repairs and conduct structural inspections for buildings three stories or taller. Gov. Ron DeSantis signed the law in response to the partial collapse of Champlain Towers South, which killed 98 people in Surfside in June 2021.
As defined by section 718.103, Florida Statutes, “inium” means that form of ownership of real property created pursuant to Chapter 718 of the Florida Statutes, which is comprised entirely of units that may be owned by one or more persons, and in which there is, appurtenant to each unit, an undivided share in ...
In essence, the main difference between most HOAs and condo associations is the type of property they represent. iniums represent condos – apartments, while HOAs represent houses. Regardless of the association, they are both democratic institutions and therefore need to conduct elections.
Disbanding an HOA is possible, though it can be a very difficult and drawn-out process, and should often only be used as a last resort.
Under new state regulations, iniums must maintain financial reserves for major repairs and conduct structural inspections for buildings three stories or taller. Gov. Ron DeSantis signed the law in response to the partial collapse of Champlain Towers South, which killed 98 people in Surfside in June 2021.
The Florida statute lays out the process that an association must go through to preserve the effectiveness of the recorded covenants if the 30 years has not yet expired. The preservation process will mean that the covenants are effective under MRTA for another 30 years.
In Florida, a inium declaration is considered to be a contract between a inium association and the unit owners.
