You just purchased a condo in the State of Florida.Â You hadÂ 3 days to review condo docsÂ and cancel contract.Â That made you think the Condo docs areÂ very important and couldn't change without your vote.Â Right?Â Wrong!Â Articles cannot be altered without a vote of the owners but Rules and Regulations only need majority voteÂ of Board of directors.
At a Board meeting of my condo assocÂ I overheard a comment by a former board memberÂ that something could be handled more easily through the rules and regulations since no vote required. I decided to do a little research and found that FL Statute 718 allows Boards to make changes to Rules and Regulations without a vote by owners.Â My investment depends on who is on the Board.Â So does yours.
So I decided to share, a little at a time, the Florida statute that governs Condominiums, Timeshares and Mobile Homes with my readers.Â If you have questions please remember I am a Realtor not an attorney.Â I cannot address legal questions.Â
"This publication is intended as an informal educational overview of condominium governance. In the event of a conflict, the provisions of Chapter 718, Florida Statutes, rules adopted by the Division of Florida Condominiums, Timeshares, and Mobile Homes of the Department of Business and Professional Regulation, the provisions of the condominium documents, and reasonable rules adopted by the condominium association's board of administration prevail over the contents of this publication.
Role of the Board of Directors--General
Â 1. The board of directors has a fiduciary duty to the unit owners and has the responsibility to act with the highest degree of good faith and to place the interests of the unit owners above the personal interests of the directors."
A fiduciary duty is a legal or ethical obligation between two or more regarding finances or property.
more to come. . .