You will be required to apply for membership in the condo association. This is usually a formality, with an
application form and one-time fee ranging between $50-$100. The title agent/real estate attorney handling
the closing will obtain the application from the association for you to complete.
There is no personal interview with the condo board, but they will most likely run a background check.
application form and one-time fee ranging between $50-$100. The title agent/real estate attorney handling
the closing will obtain the application from the association for you to complete.
There is no personal interview with the condo board, but they will most likely run a background check.
After your offer is accepted by the seller, you will receive a copy of what we term the "condo docs"
(condominium rules and regulations documents).
The condo docs will reveal any potential assessments for future improvements to the property, such
as roofs, railings, community pools, or paving. Assessments are charged to owners above and beyond
normal condo fees. Most condos have restrictions on minimum rental periods, important if you are buying
as an investment. Listing agents usually provide the basic association rules or regulations in our MLS, but
you must review the detailed information provided in the condo documents.
Condo docs will include further information such as rental policies, assigned parking, age restrictions (in the
case of 55+ communities), and provide a statement showing the financial condition of the association.
Under FL law you have three days to review the condo docs after receipt. You may withdraw or amend your
offer to purchase if the information provided reveals unsatisfactory rules, terms, regulations, or additional
costs.
(condominium rules and regulations documents).
The condo docs will reveal any potential assessments for future improvements to the property, such
as roofs, railings, community pools, or paving. Assessments are charged to owners above and beyond
normal condo fees. Most condos have restrictions on minimum rental periods, important if you are buying
as an investment. Listing agents usually provide the basic association rules or regulations in our MLS, but
you must review the detailed information provided in the condo documents.
Condo docs will include further information such as rental policies, assigned parking, age restrictions (in the
case of 55+ communities), and provide a statement showing the financial condition of the association.
Under FL law you have three days to review the condo docs after receipt. You may withdraw or amend your
offer to purchase if the information provided reveals unsatisfactory rules, terms, regulations, or additional
costs.
Condo financing is available for US citizens using the condo as their primary residence. It is a bit more
difficult to qualify for a mortgage on a condo than a single family home. You may get a higher interest rate, be
asked for a larger down payment, or need a higher credit score.
Financing for foreign nationals is next to impossible for a condo through US banks. If you can prove US
residency and the use of your condo as your primary residence, I may be able to refer you to a lender.
Canadian buyers interested in possible financing through RBC Bank, which operates in FL, should be aware
that a 60-90 closing period may be needed as part of your offer, which may not be viewed favorably by a seller.
difficult to qualify for a mortgage on a condo than a single family home. You may get a higher interest rate, be
asked for a larger down payment, or need a higher credit score.
Financing for foreign nationals is next to impossible for a condo through US banks. If you can prove US
residency and the use of your condo as your primary residence, I may be able to refer you to a lender.
Canadian buyers interested in possible financing through RBC Bank, which operates in FL, should be aware
that a 60-90 closing period may be needed as part of your offer, which may not be viewed favorably by a seller.
Most condos allow one pet under 35 pounds. There may be breed restrictions. You may also ask for an
exception if you have two or more smaller pets.
If you are planning on buying a condo as an investment, many condos do not allow tenants to have pets.
Where possible, I recommend that you consider condos that do allow tenants to have pets so you do not
unnecessarily restrict the pool of prospective renters.
exception if you have two or more smaller pets.
If you are planning on buying a condo as an investment, many condos do not allow tenants to have pets.
Where possible, I recommend that you consider condos that do allow tenants to have pets so you do not
unnecessarily restrict the pool of prospective renters.
The condo docs will provide information on your assigned parking space(s), attached/detached garage, or
covered parking space(s).
Many condos with attached garages may not allow overnight parking in the street or even in your own
driveway. You may be able to keep an RV or boat in a locked community parking area, if available in the
complex.
If you plan on guests with an extended stay of over a week, you should notify your condo association in
advance.
covered parking space(s).
Many condos with attached garages may not allow overnight parking in the street or even in your own
driveway. You may be able to keep an RV or boat in a locked community parking area, if available in the
complex.
If you plan on guests with an extended stay of over a week, you should notify your condo association in
advance.
This is one of the most common questions regarding a Sarasota, FL condo purchase. The fees usually
cover water, basic cable TV, trash removal, exterior insurance (including the roof), and maintenance for
common areas such as a community pool, clubhouse, or guard gate.
Some condos will require that you maintain insurance on personal items inside the condo unit.
cover water, basic cable TV, trash removal, exterior insurance (including the roof), and maintenance for
common areas such as a community pool, clubhouse, or guard gate.
Some condos will require that you maintain insurance on personal items inside the condo unit.
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Condo associations charge fees to owners, either monthly or quarterly, for maintenance and some utilities.
Depending on the condo and what is covered, fees range between $200-$500 monthly, but can be much
more for luxury condominium buildings with concierge services. Certain condo communities also charge
CDD fees (community development district) that cover the cost of infrastructure such as public roads, lighting,
and public parks.
Condo fees do not cover property tax, which is paid separately by the owner.
Depending on the condo and what is covered, fees range between $200-$500 monthly, but can be much
more for luxury condominium buildings with concierge services. Certain condo communities also charge
CDD fees (community development district) that cover the cost of infrastructure such as public roads, lighting,
and public parks.
Condo fees do not cover property tax, which is paid separately by the owner.
Do you know the name of
the condo building or
community?
1) Go to the Search MLS page;
2) Click Advanced Search link;
3) Select condo, townhouse,
or villa in the check boxes;
4) Select the county or city;
5) Select the condo name in
the Subdivision box.
the condo building or
community?
1) Go to the Search MLS page;
2) Click Advanced Search link;
3) Select condo, townhouse,
or villa in the check boxes;
4) Select the county or city;
5) Select the condo name in
the Subdivision box.
Definitely! I have a page devoted to investing in a condo purchase which you can read here.
Of course everything depends on how you want to use your property. For condos with rentals restricted to
annual or semi-annual leases, you will want to make sure your association fees are as low as possible and
that the unit is in a high-demand area. Seasonal/short term rental condos are usually found closer to the
beaches and have on-site management companies, managing the units more like a hotel.
You may find my return on investment calculator helpful in your decision process.
Of course everything depends on how you want to use your property. For condos with rentals restricted to
annual or semi-annual leases, you will want to make sure your association fees are as low as possible and
that the unit is in a high-demand area. Seasonal/short term rental condos are usually found closer to the
beaches and have on-site management companies, managing the units more like a hotel.
You may find my return on investment calculator helpful in your decision process.
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