Home Buying in 34113>Question Details

 Taytay, Real Estate Pro in 34113, FL

Do I have a right to review board minutes when a purchase a condo from the developer? The MGT.agent said I need to be an owner to review. Naples, FL

Asked by Taytay, 34113, FL Sat Dec 4, 2010

Help the community by answering this question:


Usually the cost of having a REALTOR work for you as a buyer is paid for by the seller. If you have a REALTOR work for you, it will save you much frustration and anxiety. Once you find the property that you want to pursue, your agent should request disclosures from the listing agent. Once you are under contract there are many specific disclosures (some from the seller and others from the community) that you will have to sign off on to protect everyone involved (including Homeowner and Master HOA Fees, Q&A about the community, Declaration, Articles of Incorporation, Restrictions... ). Board minutes that affect assesments, costs and fees or cover distressed properties will have some details included in the Q&A form that is put together by the Association. Have your agent go over the process with you.
Web Reference: http://www.agent4naples.com
0 votes Thank Flag Link Fri Jul 20, 2012
You have plenty of good answers. Where you represented by a broker? If so, have that person work on your behalf to get the minutes. Good Luck.
0 votes Thank Flag Link Sat Dec 4, 2010

If you've already signed a contract they may be no requirement to provide you with the minutes.

There may be an alternative way to get them if the developer will not cooperate. Sounds like there may be something to hide. Make sure to get the minutes before you close or if you haven't already signed, before you sign.

Hope this helps.

All my best,
0 votes Thank Flag Link Sat Dec 4, 2010
I agree 100% with Gene, and I'd do exactly the same thing.
0 votes Thank Flag Link Sat Dec 4, 2010
EVERYTHING is negotiable. Especially in this market and economy. It's a Buyer's Market so you are in control. Don't ever think the developer doesn't want your money. More importantly, if you are buying in a new development, how many units are investor owned ans possibly delinquent on association dues? Are all of the amenities complete? How many more phases are under contruction, not yet completed or planned. How many units are currently rented? Remember, the on on-site agent works for the developer/seller and not for you which is a conflict of interest. If you went into the sales office without your own agent/representation, you didn't save any money and the developer is certianly not going to take off the money they would have paid your buyer's agent from the sales price. Just food for thought. Buyer beware...always. Finally, if you don't have a buyer's agent, you should probably have your own real estate attorney review the contract and closing statement for errors, ommissions and extraneous charges. Better to spend a few hundred dollars to be safe than sorry.
Web Reference: http://www.MikeGehring.com
0 votes Thank Flag Link Sat Dec 4, 2010
you get the articles and by laws..and even the condo assn rules...but until you actually OWN you dont get to look at the "Business" end of the OWNERS association.. Why would you want to anyway, unless you know there is a problem..and then why would you Buy there??
0 votes Thank Flag Link Sat Dec 4, 2010
Another reason to Never Buy A Condo Unit in FloRida. Send me a message for the proper procedure to obtain the minutes.
0 votes Thank Flag Link Sat Dec 4, 2010
That is NOT true....

You do need a valid, binding contract, executed and you may need to submit a complete condo application.

Then you are in the ballgame!

Another Reason To.......

0 votes Thank Flag Link Sat Dec 4, 2010
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