ms_know, Home Buyer in Pompano Beach, FL

I've been reading information about people younger than 55 being allowed to buy in Century Village. Is this true?

Asked by ms_know, Pompano Beach, FL Fri Jul 5, 2013

I am a teacher here in Broward County, single, 47 years old, very clean and quiet. As I'm looking for a place to buy, I see that there are some really nice properties in Century Village in Deerfield Beach and would like to see if it's an option.

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I had a client that was not quiet 55 years of age, she was going to be 55 in 3 months, and I ask the HOA if she can buy at Century they said yes, but she could not live there until she was 55 yrs of age and had to sign a letter to this fact.
0 votes Thank Flag Link Sun Aug 4, 2013
Is it up to the condo association as to whether they will let me purchase a home there?
0 votes Thank Flag Link Fri Jul 5, 2013
Maybe you can buy, but you cannot live there
0 votes Thank Flag Link Fri Jul 5, 2013
You are going to get a lot of different answers to this question. My suggestion to you is ask a Real Estate Attorney because most agents are badly informed.
0 votes Thank Flag Link Fri Jul 5, 2013
There is something called the 80/20 rule and it appears to have two interpretations, depending upon the condo or homeowner association.

The usual interpretation is that in an active adult community (55+) you must be at least 55 years old in order to purchase a property. However, if you are under 55 (and over 19) and your co-purchaser is at least 55, then you may purchase.

However, the 55+ person is also supposed to live there, too. If you have a parent who wills you the condo, even if you are less than 55, you retain the right to use it as you see fit. The association figures that over time, 20% of the owners will fit into this category. This is the interpretation most associations implement.

The other interpretation states that 80% of the purchasers must be at least 55 years old, but 20% can be younger than that.

If you are still a young adult (as opposed to an active adult) You may want to consult a real estate attorney if you are determined to purchase in one of these55+ communities.

Marc Jablon, The Jablon Team
Re/Max Complete Solutions
0 votes Thank Flag Link Fri Jul 5, 2013
sorry It is 55+ community, but there are more option
0 votes Thank Flag Link Fri Jul 5, 2013
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