When planning a beach vacation, staying in a condominium can be a great way to save some money and have more space to move around. Beach trips typically involve bringing along a lot of beach toys and other items that can take up a lot of space in a standard hotel room. Looking at condos for rent right on the beach can have a variety of advantages. When checking out different possibilities, be sure to carefully research the following in order to choose the best option.

How Many Bedrooms Does It Have?

One of the first things to find out is the number of bedrooms the condos for rent you’re looking at have. Most facilities will offer units with one, two, or three bedrooms. However, most unit listings will state that the condominium sleeps more people than the amount of bedrooms available. This is because listings often include a sleeper sofa or a bunkhouse that can accommodate two or four extra people. If actual bedrooms are needed, be sure to specify this when making the accommodations.

Is the Condominium Safe for Children?

Another thing to consider is whether or not the layout is appropriate for young children. For instance, is there easy access to the front door? Is the kitchen an open space or is there a doorway that can be blocked to keep the children out?

Perhaps the most prominent childproofing concern in beachfront units is sliding glass doors. Glass doors can provide hours of peaceful entertainment watching the waves; however, if a young child is able to open the door, the risk of that child falling from a balcony becomes a true concern. If you are planning to rent a unit with a sliding glass door, be sure to ask about the locking mechanism and whether or not childproof locks are available to use. It is important to know ahead of time in order to either bring a locking mechanism from home or request a unit without this type of door.

Are Kitchen Items Included?

When most families book a condominium for a beach trip, they plan to do at least some of their own cooking. This is a great way to save some money instead of eating out at restaurants. However, for families flying to their destination or those who do not wish to bring their own kitchen items, it can be helpful to have those items provided in the unit. Ask whether or not pots, pans, baking dishes, and serving pieces are provided in the kitchen.

Taking a beach vacation is a fun way to make family memories. Consider the benefits of condos for rent when booking a family trip.

A condo is a type of home ownership. The individual units of a larger complex are not rented, but are sold to the individual instead. They can be townhouses, commercial warehouses, or renovated apartments. Basically, any multi-unit structure can be turned into condominiums. Many people who want to live in a large city want to buy a condo instead of paying rent on an apartment. On the east coast in the major cities this type of dwelling is very popular. When looking for a condo it is almost like looking for a one-family type home. It is best that you start by contacting a real estate agent because they will usually know about more properties for sale than you can find on your own. Look for a real estate agent that specialize in condos for sale.

In addition there are also some other tips that you should take into consideration before purchasing the condo. One important thing that you should do before even contacting a real estate agent is to plan out your budget and your annual income. By doing these two things you can see just how much you can afford to pay each month for a condo. This will help keep you from getting in over-your-head and not being able to pay the monthly payments and losing the condo.

• Make sure that you scrutinize the neighborhood very carefully along with the developments where you are considering buying a condo. You also want to check the size of the property and check to see if it is maintained nicely.

• Ask the current residents how often maintenance and repairs are done.

• Find out how good the soundproofing is between the condos.

• You should also check to see how far you are from movie theaters, grocery stores, restaurants, and anything else you feel you need to be close to.

• Find out about the parking and if you have any guest parking spots and if you do find out how many.

• You should check to see what amenities you have, any storage, and security.

• Be sure before you sign any papers that you take the time to closely inspect the rules of the Home Owner’s Association (HOA), which govern the functioning of the condo development. In the papers you may see some restrictions that may not adhere to the lifestyle you lead. If you are a pet owner you need to check the rules about having pets in the condo development.

• Before you make the final decision inspect closely everything in the condo to make sure that everything is up to par. Have a family member or friend also look over the condo so they can give you a second opinion.

This article is penned by Lora Davis for Posh Properties, a company that has the best ocean front properties and luxury condos for sale in the State of Florida.

There can be nothing more relaxing than a perfectly timed vacation to recharge your batteries from the stresses of everyday living. If you have not had the experience of vacationing in luxury condominiums, you are in for the treat. Luxury Condominiums can provide you with extra friendly staff, life simplifying amenities, and great locations. When selecting the perfect lodging for your next retreat, what should you look for and what should you expect? Here is a short list to get you started.

A smooth and simple reservation and check-in process

Nothing can sour the first impressions of a vacation like a rough check in experience. While on vacation you want everything to be simple and easy. Your luxury condo rental should have a staff who is on top of things and eager to provide you with a quick and easy check-in process. Look for a place that offers prompt and courteous service, and simple and flexible check-in and check-out procedures. If you plan on having extra guests, make sure your condo approves the amount of guests you will need and has the accommodations ready for them. Luxury Condos tend to have more flexible rules so you can keep your plans loose and focus more on enjoying your stay than the logistics.

Coziness and Comfort

Now that you have arrived, it is time to relax in complete comfort. Expect to recline on luxurious and soft furniture. Your bed will likely be a king or California king-sized bed with a quality brand name mattress, and great amenities will be offered to you. Clean towels, daily room service, and a mini fridge stocked with some snacks and liquor in case you decide to stay in. The décor should perfectly match the characteristic of your vacation destination and allow you to feel “on vacation” the moment you enter. Large windows and balconies with breathtaking views may be available.

Easy access to destinations

Driving around town, especially in bustling cities, can be stressful and aggravating and no one wants to deal with it while on vacation. Your luxury condominium rental should have close proximity to enjoyable destinations in the area. Access to transportation for longer excursions make exploring your vacation town easy. Taxis and bus routes should be easily available to you. A great luxury condo will also likely be in close walking distance to fine dining, shopping, bars, and local venues. The staff can recommend activities and will likely be affiliated with some great restaurants and local destinations,

Helpful staff

Ultimately, vacations are about spending quality time with people. This starts with helpful staff ready to answer any questions you have, advise you throughout your stay, and help out anyway they can. From helping recommend fun and exciting activities to helping out with logistics, the staff on hand should be knowledgeable and eager to please.

Luxury condominiums are the ultimate place to stay while on your well-deserved break. Now that you know what to expect and look for, feel confident planning your perfect stay.

Owning a beach condo has proven to be a great long-term investment opportunity. It can be used as a second home or as an ideal retirement plan. Private ownership of individual apartments first appeared in the United States in the form of co-ops. These were single homes that were divided into separately owned apartments. Now, condominiums are built specifically for private ownership of individual units. The growth in high-rise condo construction also means that many units can occupy a fairly small piece of land.

Beach condos, in particular, have grown in popularity since the 1960s when they first entered the marketplace. Now they rival traditional hotels, waterfront rentals, and they exceed the number of cabins and cottages that once dominated the coastlines.

Beach condos offer the best of both worlds in terms of rental and ownership options. Only the wealthiest citizens can afford to own a traditional vacation home on the water. This is especially true of second homes. If it is not the homeowner’s primary residence, it might remain vacant 95% of the year. Yet owning a property allows for a stream of income year round from rentals. Thus, making a second home more affordable while allowing the homeowner a great place to stay on their own weekend get-aways.

According to the New York Times, the American condominium has become the hot new investment for global capital. Once considered a more volatile market, beach condos are now seen as a stable investment. According to the National Association of Realtors, the coastlines are a finite resource with few areas of undeveloped land to build new units on. Therefore, they are likely to continue to increase in value for the foreseeable future. Investors can receive a higher return than most other investments. The average sale price along the Gulf Coast has shown a 4% increase since 2014.

They are especially attractive to empty nesters and retirees who want to trade a house and yard for the convenience of beach living. And since people are living longer and healthier lives, this might be the ideal long-term investment.

Renters also enjoy plenty of benefits from a beach condo. For example, it is more home-like and family friendly than a hotel. It can have amenities like kitchens, dining rooms and laundry facilities, which can save a significant amount of money. Many also have additional features like swimming pools, exercise facilities, and Wi-Fi access. They can be found in a range of sizes and price points, from the ultra-luxurious to more modest accommodations. And while a single vacationer might only want a single room, a family dwelling can be perfect for an extended family vacation.

A beach condo is an investment worth looking into. They increase in value over time and can provide you with a luxurious home away from home.

For anyone thinking about investing in a condominium or a complex, consider the following rules to consider before doing so. Whether a residence or an investment, it pays to go by these rules.

The Rules of Condominium Purchase

• Don’t forget carrying costs
• Never rush into a purchase
• Buy at the right time
• Bargain prices may have high maintenance fees
• Always make a low offer
• Be careful buying during preconstruction
• Consider the physical facts
• Take into account future resale and demographics

These rules will give the buyer knowledge necessary for the size and type of condominium or unit offering the most on resale value. Investors save thousands and avoid ending up with an undesirable unit. For those that have previously owned a condominium unit, these steps will help them learn more so they can make an even better deal next time they buy. One can never have too much knowledge.

Never Rush – The Most Important Rule

It’s easy for someone to buy on impulse, especially if the condominium is presented in a very pretty package. However, most often when people fall in love with a good-looking investment and purchase on a whim without taking all the necessary steps to make sure it’s a great deal, they find out what issues the item has later.

This holds true for property as well, don’t end up with a “lemon.” Take the time to have inspections, get a good look at all the details, and consider everything from location, to condition and possible future value. The time spent before making an offer will make a huge difference not only in the amount offered for the unit, but also the satisfaction with the purchase overall.

Many investors that succumb to rushing to buy a condo unit are victims to:

• The excitement of owning a great unit
• The thrill of being a landlord
• Problems with important units within the property
• Sales pitch pressure and empty promises from the seller
• Not being prepared for all the issues that come with property ownership.

Taking time to go over all the benefits and possible issues before making a commitment to such a huge financial investment is smart. Take a breath and slow down, so that the real estate brokers’ or developers’ need for quick income and a crafty sales pitch don’t result in a less than wise choice.

Trust instinct and make personal decisions without the input from outside sources other than the property inspector. Just because the realtor is working for the buyer doesn’t mean they aren’t partners with the seller as well. By following the above rules, this will allow for a smart decision. It will also help the buyer develop skills necessary to make educated choices that will guarantee great transactions that are a true investment that will pay off in the end.

There are plenty of resources out there to obtain from libraries, homeowners associations, and other experts. Jump online if anything and get some information to guide on this exciting purchase. With the wealth of information at one’s fingertips, there’s no reason they can’t make a condominium investment that will be a real money-maker for them.

Developed by the Yorkton Group International and built by Chandos Construction, these brand new luxury condos are a cut above anything in the area. The Bentley Condos are built with the owner in mind, knowing they are after a stunning design with the best finishes, Smart Home features, heated parking, and energy-efficient windows. Living in luxury was the goal in creating these condo homes. Employing the best engineers to design them has put them a cut above any others. Anyone living in Edmonton and looking for a new home owes it to themselves to check out what the complex has to offer and learn about how they can make choices that will have it well within their set budget.

We all know that homes with limited spaces may not be ideal for growing families, but with the abundance of condominium projects in the real estate market, home-seekers will have no trouble choosing a place that can accommodate their needs and preferences.

Benefits for parents

1. Reduced housework

When a couple settled in a single family home, their daily tasks are usually loaded by extra housework including mowing the lawn, maintaining of facilities such as pools, and even preserving the overall appearance of the house. Now, with condo living, these duties will be in the care of the administration and out of the unit owner’s hair.

2. Mobility

Condominium units are usually strategically situated in business districts or in fast-growing cities. This means unit owners can enjoy the benefits of having everything they need within reach, this includes schools, hospitals, supermarkets, and more. Not to mention the various amenities the administration offers.

3. Cordiality

Parents will get the chance to interact with other dwellers in the property. This can be a pleasant experience especially for mothers-at-home as they can swap services, offer to babysit, organize dinner parties, and arrange regular walks around the city.

4. Easier administration

Being in an autonomous neighborhood can help parents keep track of their children. The people most likely know who’s who and with the property’s security and safety fixtures, parents can easily know the whereabouts of their kids.

5. Investment opportunities

Families living in condominiums usually move out when their children reach their teens. Their children may need larger spaces or the parents may start looking for a place to settle in for retirement. At this point, they can list their unit for sale or for rent and gain extra income.

Opportunities for children

1. Interaction with other children

Condo living can help shy children gain social skills by interacting with other kids in the building. Unlike in a traditional neighborhood or subdivision, living in a high-rise property will let them meet different peers on a daily basis. Even better, the parents can keep track of the people their children interact with.

2. Extracurricular activities

Real estate properties usually have amenities that promote physical activity and wellness. Facilities typically include swimming pools, fitness gyms, yoga stations, and more. With these accommodations, parents no longer need to get out of their way to provide the little ones with their daily dose of exercise.

3. Flexibility

As I’ve mentioned above, families eventually decide to relocate once they need a bigger space. This doesn’t mean that opting for a single-family home is the only choice. Families can also choose to move to another condominium unit that has enough space to contain them. By doing this, children won’t have to change schools and neighborhood.

Despite all these advantages, a condominium unit is just like any home. It still needs the supervision of a responsible adult in order to become a safe haven for both parents and children.

Olivia Coore is a catapult of ideas waiting to explode. She basically writes about anything she finds amusing; may it be a new found hobby, a recently opened coffee shop, visiting a new place, life goals, documentaries, investing either in personal affairs, such as experience, skills, and travel, or in general trade like real estate, stocks, career and business opportunities. She hopes to find meaning in everything she does and makes her learning available for others to take inspiration in. She is currently working as a Senior Director of Correspondence at an investment firm in Miami, and believes that the best stories are always found between the pages of a passport.

Condominiums are apartment units that can be individually owned. Condominiums are larger than flats. There are many benefits of buying a condominium. The cost of a condominium unit is less expensive compare to the family housing unit. When you buy condominiums, you will be able to live in an expensive neighborhood in an affordable way. The condominium usually has various kinds of facilities such as tropical swimming pools, steam room, gym, and many other facilities. All condominiums are protected by security guards with key card access so that you can spend the night there securely. Condominiums also have some downsides. Because the condominium units are joined together, you can hear noises made by neighbors staying beside, on top and below your unit. It can be difficult to find a parking space at the car park some times. There is no backyard in your condominium unit. Some condominium units don’t have lifts.

The value of the condominium properties have been increasing even in economy recessions. Statistic shows that the value of the condominium properties will increase over time. You can rent out the property to create some extra income for your family. When you want to rent out the condominium unit make sure it is located in a popular neighborhood that is near to the amenities.

You can always sell the condominium unit when you are boring about it. Another option is to wait for a few years before selling the condominium unit. After a few years the value of the condominium will increase so that you can sell it at a higher price than the price you bought it. Nowadays, you can shop for the condominiums on the internet. Shopping for the condominium on the internet is easy when you search on Google for example. You can spend some time to do research on the real estate properties in the market with Google. There are various things you should be aware of when you search for properties online.

Always check if the condominium which is advertised belongs to the real owner and verify his passport or id on sale. To get some money out of your purchase always search for property developers which built the condominiums. Do a small background check to see how long the company is in business and how many completed projects they have delivered. This will give you a global picture on how much you can trust this company.

The Rhode Island Condominium Act (the “Act”) prohibits discrimination by local law against condominiums. “A zoning, subdivision, building code, or other real estate law, ordinance or regulation may not prohibit the condominium form of ownership or impose any requirement upon a condominium which it would not impose upon a physically identical development under a different form of ownership, or otherwise regulate the creation, governance, or existence of the condominium form of ownership” (R.I.G.L. 34-36.1-1.06). Unfortunately, discrimination against the condominium form of ownership has been common in Rhode Island.

There are many different types of properties that have been developed as or converted into condominiums. More typical forms of condominium ownership include residential, office, retail, and industrial units. Other not so typical projects include residential, commercial, and industrial land only units; parking lots; boat docs; time-shares; and beach cabanas. Many declarants have experienced discrimination against the condominium form of ownership. In the past, some cities and towns within Rhode Island had initially refused to record declarations of condominiums thereby preventing the creation of condominiums. The problem is likely a matter of misunderstanding that a condominium is merely a form of ownership rather than a desire to discriminate. Rhode Island case history demonstrates that this problem arises more frequently in the less typical condominiums types (e.g. parking lots, improved land unit projects and legal non-conforming properties). A number of Rhode Island cases support the premise that discrimination by local municipalities is not uncommon.

The town of South Kingstown tried to prevent the creation of a parking lot condominium. The matter was litigated. In the case of McConnel v. Town of South Kingstown, the court held that a conversion of a parking lot into individual units was not subject to the town of South Kingstown’s regulation as a subdivision (See 543 A.2d 249; 1998 R.I. Lexus 103). In the same matter the Town attempted to prevent the formation of a retail condominium. The court properly held that the conversion of a legally non-conforming multi-unit retail property does not constitute a subdivision of real property nor is it a “use” which can be regulated pursuant to the Town’s zoning ordinances (See 1987 R.I. Super. LEXIS 163).

The Town of Westerly tried to restrict the creation of a beach cabana condominium. The Rhode Island Superior Court held that Westerly zoning board improperly added a condition “that the form of owners of beach cabana condominiums shall be through membership only not through individual ownership as in condo ownership.” The court properly concluded that “to restrict a form of property ownership in the hopes of curing a possible parking problem is clearly an error of law” (See 1991 R.I. Super LEXIS 198).

The town of Coventry attempted to apply its subdivision regulations in the case of Coventry v. Glickman. The court properly held that a legal non-conforming parcel of land which was improved by the federal government with thirty-two single-family houses could be sold individually and were not subject to the Town’s subdivision regulations (See 429 A.2d 440; 1981 R.I. LEXIS 1142).

The town of Westerly attempted to prevent the proper formation of a hotel condominium. In the case of Westerly v. Waldo, the court properly held that a hotel could be converted to a condominium form of ownership. (524 A.2d 117; 1987 R.I. LEXIS 471)

All of the above explained cases describe instances where declarants of condominiums were forced to litigate in order to merely use the statutorily authorized condominium form of ownership. Hopefully, through education and a better understanding of the condominium form of ownership there will be fewer obstacles in the formation of condominiums without the necessity of costly litigation.

The author of this article, Richard E. Palumbo, Jr. is a member of the Rhode Island Bar, the Massachusetts Bar, and the Federal Bar. Richard is a frequent seminar lecturer and speaker regarding various issues relating to Condominium Law. The Law Offices of Richard Palumbo is a highly focused firm concentrating on the following related areas of law: real estate law (including condominium law); business law; and estate planning (wills, trusts and probate).

The condominium market has ido rising steadily in recent years. According to the National Association of REALTORS (R), condominium values increased by more than 27 percent between 2000 and 2002, and the median value of condos ($ 163500) sat just below that of single-family homes ($ 168400) in mid – 2003. While this trend is not guaranteed to continue, the condominium market has regained momentum and the importance it had in the initial boom of condominiums the 1980’s.

Condo buyers are divided into three main groups: for the first time buyers to quit rent; people looking to buy a second home that will use part-time and retirees who are trading in high-end housing for low-maintenance a lifestyle offers condominiums.

A condominium can be a great purchase under the right set of circumstances, but some people still dismiss as glorified apartments. If you do not feel comfortable living in condominium rules and restrictions, and in close proximity to others, then a condominium is probably not the place for you. Before buying a condominium, be sure to understand exactly what is involved in condominium living.

What exactly is a condominium?

A condominium development can take the form of style apartment complexes, townhouses or become multi-family dwellings. What distinguishes it from other multi-tenant buildings is that the developer has legally declared that a condominium, and individuals can purchase units in the building or complex. In most states, this means that development is specially designated under the laws and regulations applied to condominiums.

When buying a condominium, the owner acquires title to his unit, until the walls, but not between them. A description of a condominium is a “box in the air.”

The common areas of development, such as stairways, dividing and exterior walls, gyms and rooftop gardens, are shared ownership. Each unit owner has any interest in these spaces. In order to manage the maintenance and repair of common areas shared, each condominium development has a condominium association, also known as a unit owners association. The association is elected by the owners of condominiums and makes decisions in the communal interest of the community.

Condo costs include:

* Arras, mortgage and property tax
* Condo fees, also known as maintenance fees. Condo fees are paid by all residents to help with building maintenance, salaries of groundskeepers, janitors or tasks, and provide facilities such as luxury swimming pool, gym or rooftop garden. Condo fees are paid monthly and are subject to change
* Special assessment rates. These rates can be requested when an unexpected repair or planned modification exceeds the cost of fees collected condominium

Rules to live by

Condominiums are governed by a set of rules called covenants, conditions and restrictions (CC & Rs). The rules vary from one to another condominium development. They can impose restrictions on ownership of pets, noise levels, remodeling projects, and rent. The CC & R are implemented by the condominium association. It’s a good idea to read the CC & R to make sure you’re comfortable with them before buying a condominium.

Condo associations and fees

The condominium association budgets and determines the fees for all condominium units. Condo fees are often determined by the size of your drive, how many units are currently occupied, and projected costs for building maintenance and repair.

Condo associations vary in their organization and experience. Some questions you may want to see are as follows:

* Whether the association to maintain a reserve fund to pay for the unexpected and potentially costly repairs? This will help determine whether it is likely to beat with a special assessment rates.
* Has the association maintains the building in good condition? Can Handle repairs and maintenance before they become major problems? Before you buy, is a good idea to get an inspection in the unit you fancy, as well as the entire structure in order to identify potential problems.
* Whether the association intends to add facilities, such as a swimming pool or gym, in the near future? This could cause a sudden increase in their fees. Ask to see the minutes of recent meetings of condominium associations, which should disclose any such plans.
* The development is pending lawsuits? Are there any conflicts between landowners, developers or the association you should know about?
* What is the reputation of the association in the building? Talk to other owners for comments or complaints about the activities of the association.

A word about developers

The developers do not usually maintain a long-term interest in a building, but the work they put into it is important. A home inspection can turn up major structural faults in the building, but not based on this alone. You should investigate the developer’s history, and find out if there had been any problem with its evolution. Also find out if the developer is still in business and whether it is financially stable. If the developer is no longer in business, its condominium association may have little or no legal recourse in the event of serious flaws are discovered on the property.

The planning of some projects home improvement? Finance with a home loan or credit line.

These days, there are some incredible bargains in Florida real estate… especially condominiums. Just before the downturn in the real estate market, condominium development in Florida was at near-record levels. Now, there is an abundance of new, unsold condominium units, many being sold for pennies on the dollar. A large percentage of these units are near beaches, golf courses and other amenities that make Florida living so desirable. For investors and second-home buyers, this creates an opportunity that may not come around for decades.

However, a condominium formed under Florida law, is a completely different animal than what you’ve been used to. It all starts with the ownership concept. First of all, most people refer to the apartment in which they will be living as their “condominium.” Actually, the condominium is the entire project consisting of all of the apartments, the grounds, the parking areas and, in most cases, the recreational facilities. Your apartment is referred to as a “unit.” All the rest of the condominium is known as the “common elements.” You have exclusive ownership of your unit and you share in the ownership of the common elements with all of the other unit owners. The Florida Condominium Act says that all of you have an undivided ownership in the common elements. This means every unit owner has the right to enjoy the common elements and the obligation to maintain them.

As you may guess, this arrangement, without guidelines and management, could lead to utter chaos. Each unit owner would assert his or her own personal and selfish preferences as to the use of the common elements and many would not want to pay their fair share of the expenses.

Because of the close proximity to your neighbors, the need to regulate the use of the common elements and the necessity of insuring, maintaining and repairing the common elements, certain rules and restrictions must exist. Pursuant to Florida law, these rules and restrictions are found in the condominium documents. A brief list of the documents is as follows:

1. Declaration of Condominium. This is the main document of the condominium. The Declaration actually creates the condominium. It describes the units and common elements, defines certain unit owner rights, authorizes creation of the association and regulates the use and operation of the common elements.

2. Articles of Incorporation of the Association. This document creates the condominium association. It is filed with the Florida Department of State.

3. Bylaws of the Association. These are the guidelines for the operation of the association. The bylaws set forth the number of directors, prescribes the procedures of unit owner and board of directors meetings and defines the financial and budget matters of the association.

4. Operating Budget. This document describes the common expenses of the association, which are divided among the unit owners in the same proportion as the ownership interest in the common elements.

5. Rules and Regulations. These are enacted by the board of directors and generally consist of restrictions pertaining to the use of the common elements.

Purchasing a Condominium Unit

If you have decided that condominium life is right for you, you may wish to purchase a unit. The purchase of a condominium unit involves many of the same considerations as a single family home. However, because of the unique nature of condominiums, there are other factors to consider.

There are two circumstances in purchasing a condominium unit which are treated differently under the Florida Condominium Act. There are different requirements depending on whether you are purchasing from a developer or from the prior unit owner. This article will concentrate on purchasing from a Developer.

Purchasing from a Developer

If you are purchasing a unit in a new project from the developer, the Florida condominium law has provisions to make sure you are informed. Every developer of a residential condominium is required to submit the condominium documents to the Division of Florida Land Sales, Condominiums, and Mobile Homes for review. The developer may not enter into contracts for the purchase and sale of a unit until it has submitted these documents and the Division has acknowledged that the documents were property submitted.

Reservation Program

Florida has a unique program to allow buyers to reserve an unbuilt unit without any obligation to purchase. Prior to the submission of the condominium documents, Florida law allows a developer to enter into reservation agreements with prospective purchasers and accept reservation deposits. Many developers do this to create interest in a project and to test the marketability. By entering into a reservation agreement, you reserve your right to enter into a contract to purchase a certain unit in the condominium. You may cancel your reservation and receive a full refund of your deposit at any time and for any reason. The developer may also decide not the build the project, in which case it must promptly refund your deposit.

After the division has acknowledged that the condominium documents were properly submitted, the developer may enter into binding contracts for the sale of units. At this time the developer may ask you to enter into a contract to purchase your unit and transfer the reservation deposit into a sales deposit.

Buying the Unit

The developer will present you with a purchase contract and a set of disclosure documents. From the later of the date you sign the contract or from the date you receive the disclosure documents, Florida law gives you 15 days to rescind the contract. If for any reason during those 15 days you decide you do not wish to purchase the unit, you may inform the developer in writing and the contract will be cancelled and your deposit fully refunded. This period is designed to provide you with an opportunity to review the disclosure documents.

When you receive the disclosure documents, the developer will ask you to sign a receipt of condominium documents. This is a form required by the division to verify on which date you received the disclosure documents. You should make sure that you have actually received all of the documents indicated on the receipt. If so, then you should sign the receipt and write the date where indicated. It is very important that you accurately post the date, as it will likely mark the beginning of the 15 day rescission period.