Condos are a way of life in south Florida, often the only kind of housing allowed on ocean beaches. Buyers are protected by Florida Statute 718 that covers condominiums, including special assessments, i.e. what a condo association legally can and can’t do and how the process works.
What is a condo assessment?
Condo associations have regular dues, usually levied monthly, to cover the costs of maintaining shared spaces like elevators, public areas and amenities like the pool, and other regular expenses like insurance. Condo special assessments in Florida are an additional one-time fee for each assessment. All owners must be notified of the estimated cost and description of the purpose. That may also include contracts for goods or services to explain why the association needs the extra money in addition to their operating expenses and reserves. A special assessment meeting has to be noticed by regular mail, transmitted online to the membership, posted on association property or broadcast on a closed-circuit cable TV no less than 14 days in advance, according to a legal blog.
Is an HOA (Homeowners Association) assessment the same thing? How does it differ?
HOAs are covered by a separate law. Homeowners agree to them when they buy those residential properties, so they’re obligated to pay a special assessment. But how much an HOA can charge may be limited by law or other restrictions. Your Lang Realty agent is an expert in special assessments. Lang Realty searches new listings by category, including new construction, waterfront, luxury, country clubs, 55-plus and other condominium buildings. That’s a great shortcut for prospective condo buyers instead of poring through all condo listings in desired locations. Lang Realty
