Before breaking ground on new condominium developments, there are several factors people have to consider. The nature of the project determines which laws developers have to follow. Before they plan out the full project, developers need to make sure they account for these components.
Developers need to examine the laws concerning condominiums throughout the development process.
Can the project occur in phases?
The Florida Legislature says that people might plan to complete construction over a period of several years. They usually need to finish the entire project within seven years. If developers realize that they need more time, they need to receive an amendment. This document can give them an extra three years to complete the project. However, people need to file this paperwork in the last three years of their seven-year time limit.
At the beginning of the project, developers need to map out each phase. They should include the number of units and how many square feet each unit will have. Additionally, they have to describe each phase and explain when each will occur.
Who can elect board members?
When they first begin the project, people may not consider who will be part of the board of administration for the complex. According to the Florida Legislature, the development’s ownership determines who fills these seats. The developer may not be the sole owner of the community. As people purchase units, they gain ownership rights. Once homeowners own at least 15% of the units, they can elect some of the board members.
Early on, the residents can fill one-third of these seats. However, as more homeowners purchase units, the residents of the community gain the ability to elect more board members. Developers need to remember this so that the residents receive election rights according to the state’s timeline.
If developers do not account for these factors, they could unintentionally violate state laws.