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Leo.nyman, Home Buyer in Englewood, CO

we own a co-op apartment in 55 community in Florida. We have a would be buyer who is 52.Can he legally buy our apartment.?

Asked by Leo.nyman, Englewood, CO Sun Nov 11, 2012

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Good answers below. It does depend on the specific rules of the association. Some, probably most are very strict about the 55 year old ownership and residency policy. Some will allow someone under 55 to own it and rent it to someone over 55. There are usually other specific guidelines about relatives who can live there or the amount of time they can spend there with a resident who may or may not have some health concerns. A general answer won't help you here. You will need to speak specifically with your particular association before you proceed with the sale. Best of success.

Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
0 votes Thank Flag Link Sun Nov 11, 2012
Refer to the 'Rules and Regulations' maintained by the association. The rules may indicate that anyone can own a unit but you must be 55+ to LIVE there. Your buyer may choose to buy with the intention of moving in when the age requirements are meet.

Furthermore, you may find it beneficial to refer to the "Rules and Regulations' maintained by the association to determine what the rent/lease requirements are. Of specific concern is can the unit be rented immediately or must the unit be seasoned a while before rented.

Again, the association will reveal how strictly and with what leniency the age requirements are applied. Some associations will allow a percentage of units to be occupied by underage owners primarily to accommodate issues such as inheritance. DO NOT count on this provision to make your sale possible.

You would be well advised to consult with a professional knowledgeable of practices in your area.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group,
Palm Harbor, FL
0 votes Thank Flag Link Sun Nov 11, 2012
It depends on what the community's requirements are. Usually a certain percentage do not have to be 55. I would ask the management or a lawyer
0 votes Thank Flag Link Sun Nov 11, 2012
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