Cape Coral Condos
If you are contemplating the buying or selling a condo in Cape Coral, Lehigh Acres or Fort Myers, Florida, the following is intended to help you gain knowledge and know some of your rights and laws in the state of Florida. This is not a full disclosure of all of the rules and laws governing condominiums but it is a start for you to gain insight, and as with any rules and laws they may be changed at any time by the governing factor.
Condominium Resale Disclosures
A prospective purchaser of an existing (resale) condo unit who has entered into a contract for purchase must receive, at the seller's expense, the following four documents:
- Declaration of condominium
- Articles of incorporation of the association
- Bylaws and rules of the association
- Same year end financial information that the condo association provided to the owners the previous year.
The contract for resale of a residential condo unit must include a clause that states that the buyer acknowledges receipt of the above mentioned documents and that the prospective buyer may cancel the contract within 3 business days after the date of the execution of the contract and receipt by the buyer of the condominium documents.
The condominium act of Florida requires that the developer include a disclosure in the contract stating that the buyer of a new residential unit may cancel the contract within 15 days of signing the contract and of receipt by the buyers of the required documents. In addition to the above mentioned four documents, purchasers must also receive information concerning the form of agreement for sale or lease of the units.
Contact us for more information about Cape Coral condos.