Can a corporation purchase a condo in Century Village?

Asked by Erice Wingate, West Palm Beach, FL Fri Jan 3, 2014

I am looking to invest in a condo in Century Village, but would like to purchase under my company's name. Would this be allowed?

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Sherry Levy, Agent, Delray Beach, FL
Sat Jan 4, 2014
you may buy however you will need to prove your income. $1750.00 per month for a single person and $2500.00 per month for a couple. you will present your corp papers. most people don't want to do that so they buy it personally I hope that this helps
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marc jablon,…, Agent, Boca Raton, FL
Fri Jan 3, 2014
You may want to look at the rules and regulations of this West Palm Beach Condo. It is set up as an active adult (55+) community. Usually, in such communities, at least one owner must be 55 years old or older.

However there are also active adult communities that function under what is known as the 80/20 rule. This states that at least 80% of owners must be 55 or older, and that up to 20% may be younger.

There is a another "however" that goes along with this rule. There are some active adult communities that interpret the 80/20 rule in the following manner: if, for example, a 55+ owner dies and leaves a condo to someone who is less than 55, that person may keep the condo. However, their interpretation does not allow for purchase by anyone under 55.

So go figure...

You may want to consult a real estate attorney, along with the condo board, to see if it is possible for your corporation to purchase a condo or to have ownership transferred to it in this community.

Or, you may want to purchase a condo in an all-age community and avoid the headache altogether.

Marc Jablon, the Jablon Team
Re/Max Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
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